"If this war continues for a few weeks, global GDP growth will be affected. Everyone's energy prices will rise. There will be shortages of certain products, leading to a chain reaction of factories that cannot supply."
"There is plenty of oil; we have no oil shortage. There is a huge surplus in the market. We are facing a temporary disruption, a logistical disruption."
Qatar's energy minister warns that prolonged conflict involving Iran could more than double oil prices from current $85 levels to beyond $150 per barrel. Such escalation would severely impact global GDP growth, raise energy prices worldwide, and create product shortages triggering factory supply disruptions. Gulf energy exporters might shut down production if fighting intensifies. Even rapid conflict resolution could require weeks or months for supply chains to normalize. However, the International Energy Agency head counters that global markets maintain sufficient oil supplies despite current disruptions, characterizing the situation as temporary logistical rather than structural shortage.
Read at London Business News | Londonlovesbusiness.com
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