Qatar Energy Minister Predicts Many Countries' GDPs Will Collapse If the US-Israel Continues to Attack Iran

JAKARTA - Qatar Energy Minister Saad al-Kaabi said the US-Israeli attack on Iran has the potential to disrupt the world economy if it continues over the next few weeks.

Kaabi explained that the conflict in the Middle East has put pressure on oil and natural gas production. If the US-Israel stops its attacks on Iran, he said, the recovery to the pre-war level will take months.

"If this war continues for a few weeks, GDP growth [Gross Domestic Product] around the world will be affected," Kaabi told the Financial Times.

"Everyone's energy prices will go up. There will be shortages of some products and there will be a chain reaction from factories that cannot supply," he continued.

Kaabi is also the CEO of QatarEnergy, a major liquefied natural gas (LNG) producer. On Monday, March 2, Kaabi announced that QatarEnergy had stopped production due to force majeure, or extraordinary circumstances.

"As a result of the military attack on the QatarEnergy operation facility," the liquefied natural gas company said in a statement.

According to Reuters, Qatar produces about a fifth of the world's liquefied natural gas.

Kaabi predicted that other energy suppliers in the Middle East would follow in the footsteps of his company to stop production. "All exporters in the Gulf region must declare a state of emergency," he said.

Qatar is a Gulf and Arab country that hosts a military base or headquarters of the US Central Command at Al Udeid Air Base.