• 21 mins ConocoPhillips Sets Price Ceiling For New Projects
  • 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 3 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 4 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 6 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 7 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 10 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 10 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott

Qatar: Gulf Dispute To Have Limited Impact On Oil, Gas Trade

NatGas

The world’s biggest LNG exporter, Qatar—which is locked in a bitter dispute with many of its Arab Gulf neighbors involving restricted port access for Qatari vessels—expects the rift to continue to have a limited impact on its crude oil and gas trade, Qatar’s Energy and Industry Minister Mohammed al-Sada said an at energy event on Monday.

“Despite the illegal siege currently enforced on Qatar, [it] has never failed a single shipment and has not compromised on its longstanding image of being a reliable supplier of energy to all corners of the world,” Platts quoted al-Sada as saying at the World Petroleum Congress in Istanbul today.

The restrictions for Qatar-owned or Qatar-flagged vessels to call at ports in Saudi Arabia and the UAE would not have a “wide impact” because “total exports in trade to Saudi Arabia, UAE and Bahrain account for less than 8%” of Qatar’s global trade, the minister said.

On the other hand, Qatar’s energy trade flows to Asia’s Japan, India, South Korea, and China “remain unchanged”, and account for three-quarters of Qatar’s exports and trade to the four Asian nations that are the drivers of oil demand growth.

“So any short-term efforts will not have a wide impact... This unjust blockade is demonstrating our economic strength, diversity and resilience,” the minister noted, as quoted by Platts.

A month after Saudi Arabia, the UAE, Bahrain, Egypt, and several other states cut ties with Qatar, accusing it of supporting terrorism and destabilizing the region, Qatar Petroleum said on July 4 that it plans to raise Qatar’s LNG production from 77 million to 100 million tons per year, within 5-7 years from now.

Moody’s apparently disagreed with Qatar’s benign assessment of the blockade, changing on Monday Qatar’s rating outlook to negative, citing the economic and financial risks arising from the ongoing dispute.

Related: Underperforming Energy Sector May Soon See M&A Wave

“In Moody's view, the likelihood of a prolonged period of uncertainty extending into 2018 has increased and a quick resolution of the dispute is unlikely over the next few months, which carries the risk that Qatar's sovereign credit fundamentals could be negatively affected,” the rating agency said.

Saudi Arabia, Bahrain, Egypt, and the UAE vowed on Friday to take new measures against their tiny gas-rich neighbor after Doha rejected in full the list of ultimatums.

Despite the public threats of “new measures”, Qatar’s Finance Minister, Ali Sharif al-Emadi, told The Times on Friday that Qatar is too rich to worry about what Saudi Arabia thinks, and that their huge financial resources would provide the small gas-rich nation the resources necessary to weather the sanctions.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News