Oil & Gas Qatari minister says oil price could put companies out of business By Nadim Kawach May 15, 2025, 2:41 PM Noushad Thekkayil/NurPhoto via Reuters Connect Saad Al-Kaabi, Qatar's energy minister, told CNBC that prices of $70-$80 per barrel are reasonable for producing countries Energy minister warns of impact Prices below $70 pressure producers ‘Small players’ particularly affected Many oil producing companies could be forced out of the market if crude prices remain below $70 a barrel for a long time, according to Qatar’s energy minister. Saad Al-Kaabi told CNBC, the US cable TV news network, that oil prices of $70 to $85 per barrel are reasonable for producing countries to get enough revenue to sustain their oilfields and fund development projects. “I don’t want to see prices above $100 because this will negatively affect demand … if we remain below $70 for a long time, a lot of the companies will be out of the market,” the minister said in the interview this week, as President Donald Trump visited the Gulf. Oil prices have hovered not far above $60 a barrel since the Opec+ group of oil producers agreed this month to lift output by about 411,000 barrels per day for June. Benchmark Brent crude is trading at about $63.5 per barrel now. Saudi Arabia to ‘roll with the punches’ on oil price Qatar to build $4bn power and water facility Qatar risks losing out to US in Japan LNG sales Qatar is the seventh largest Middle East oil producer, averaging about 600,000 barrels per day. “Big companies in the energy sector may have enough flexibility to deal with low energy prices for a long time … but small players will not be able to adapt to very low prices and many of them could be forced to walk out,” Al-Kaabi said. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
