Qatar warns of a crisis of energy shortages in Europe
The Qatari Minister of State for Energy Affairs, Saad bin Sherida al Kaabi, warned, on Tuesday, that Europe may face a deeper energy shortage crisis than the one it faced in 2022, in the wake of the Russian-Ukrainian war.
The Qatari Minister’s statements were made during his participation in the Qatar Economic Forum in Doha, in cooperation with Bloomberg Agency, whose work began today and will continue until May 25.
“Europe may face a worse shortage in oil and gas supplies, in the event that the global economy recovers during the next year,” al Kaabi said.
He added, “The return of the global economy to recovery and the increase in demand for traditional energy sources, in conjunction with the assumption that a normal winter season will come and not as warm as last season, which means that Europe will be in a crisis of supply shortages”.
Major global crude producers warn of weak investments in the traditional energy industry (oil and gas), in conjunction with Western steps for a complete shift towards renewable energy.
Last Monday, the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham al Ghais, warned of the decline in the volume of global investments in the oil and gas sectors, indicating that the decline will lead to a shortage of supply.
He stressed the need for a gradual transition in the energy transition, and finding a mixture of traditional, new and renewable sources that are able to meet the global demand for energy and achieve climate goals.
Last April, OPEC said that its estimates indicated that the oil sector needs investments amounting to $ 12.1 trillion, to meet demand in the coming years.