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Crude Oil Price War, Opening Economies, Qatar Expresses Concern

OPEC and Oil - Iran Warns Saudi Arabia

The minister of state for Energy Affairs from Qatar has stated his thoughts – he believes that the March war between Saudi Arabia and Russia is a big mistake. “I think it was a very big mistake,” according to Saad aql-Kaabi, who is CEO of the Qatar Petroleum company. The hit to oil producing companies in and affiliated with OPEC is severe and it will damage the smaller, weaker and high cost producers. But the second wave of coronavirus is key, according to the minister. He is concerned about the excessive stress to economies and the speed at which countries are able to allow air travel, and transportation in general, just how much demand will increase for oil and oil products in the future. Qatar has been under an economic and diplomatic blockade by its neighbors Saudi Arabia, Baharin, and United Arab Emirates. Qatar left OPEC in January 2019 after six decades with the organization.

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