In a recent interview, the Minister of Energy in Qatar, Saad Sherida Al-Kaabi, stated that a decline in investments in the production of gas in a bid to reduce carbon emissions had contributed to the United Kingdom’s current fuel crisis. In the interview, Sherida Al-Kaabi stated that Qatar was willing to help England with its crisis as he condemned nations in the West that had demonized gas and oil companies.
The minister explained that the main cause of the current price increase for energy as well as gas prices in various parts of the world, including Europe, could be traced back to even before Ukraine’s invasion. He pointed to an increase in the number of countries calling for the transition into the use of renewable sources of energy and meeting net-zero targets had played a big role in causing this crisis.
These comments were made as a delegation from Qatar, which was led by the Emir, met with UK Prime Minister Boris Johnson to announce that they had entered into a strategic partnership that would involve Qatar investing £10 billion ($1.26 billion) across the United Kingdom.
This investment into the country comes after Ofgem, an energy regulator, signaled that the price cap for energy was expected to increase by about £800 ($1, 012) during winter. This price will be its highest recorded price, with little remedy for the current prices of gas that consumers in the UK are dealing with.
During the interview, the Qatari minister of energy also noted that it wasn’t possible to achieve the transition to the use of renewable energy without using fossil fuels because the sun doesn’t shine all the time and the wind doesn’t always blow. He added that the best fossil fuel available to the world was gas.
Currently, Qatar is one of the biggest suppliers of natural gas to the United Kingdom. The country also has the third-largest proven natural gas reserves around the globe. It ships this fuel in numerous liquefied natural gas tankers to three LNG terminals in Britain.
The minister also stated that in comparison to other nations, the United Kingdom was in much better shape, adding that there wasn’t much Qatar could do to reduce the price of the fuel in the short term. He then noted that the Ukraine war was affecting the fuel’s price, adding that while it would take time to resolve the issue, Qatar was ready to help and would do its best.
Companies such as Alliance Resource Partners LP (NASDAQ: ARLP) also seem poised to benefit from the bullish conditions in the commodities markets.
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