Qatar: Europe may face deeper energy shortage

Qatar’s Minister of State for Energy Affairs, Saad bin Sharida al-Kabi, has warned that Europe may face a deeper crisis of energy shortages.

Minister Kabi spoke at the Qatar Economic Forum, which was held for the third time in Doha in cooperation with Bloomberg Media Group.

“Europe could face increasing shortages of oil and gas supplies if the world economy starts to recover next year,” Kabi said.

Emphasis on the ‘SUPPLY SHORTFALL CRISIS’

The Qatari minister has affirmed that with the assumption of a normal winter, which is not as warm as this year, the recovery of the world economy and the increase in demand for traditional energy sources means that “Europe is entering a crisis of lack of supply”.

The world’s major crude oil producers are warning of the consequences of weakening investment in the traditional energy industry, oil and gas, combined with Western steps to transition to renewable energy.

Heytham al-Gays, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), shared his view that the decline in the volume of global investment in the oil and gas sector will lead to a supply shortage.

‘A MIX OF NEW AND RENEWABLE RESOURCES MUST BE FOUND’

Gays emphasized that the energy transition must be gradual, a mix of traditional, new and renewable resources that can meet global energy demand and meet climate goals.

OPEC also stated in April that, according to estimates, the oil industry needs $12.1 trillion of investment to meet demand in the coming years.

Organized in Doha, the capital of Qatar, with the participation of more than 2,000 people from the world’s leading economy, the “Qatar Economic Forum” will run until May 25. (AA)