Energy prices should be fair for both producers and consumers, Minister of Finance HE Ali bin Ahmed Al Kuwari said on Sunday.
Speaking at a session entitled ‘Economic Crises and Coordinated Global Recovery Efforts: Towards An Inclusive Multilateralism’ held as part of Doha Forum 2022, Kuwari said, “We need stable and fair prices that can be supported by the supplier as well as the buyer. This is what our interest is in the long term.”
On the rise in oil, gas, and food prices as a result of the ongoing war in Ukraine, the minister said, “There is currently a shortage of oil supply in global markets estimated at 2 million barrels a day, which led to the increase in prices. The world is witnessing a shortage of gas supplies, and it would take years to bring the market to balance.”
About Qatar’s role as one of the most reliable suppliers of energy in such a situation, he said, “Qatar is one of the leading suppliers of energy in the world, but most of our supplies are linked to long-term contracts. We are working to increase our LNG production capacity by 60 percent and it would need four to five years to raise the production.”
The minister said that the world needs more solidarity and must think about future generations, especially in terms of sustainability in various fields. He stressed that it’s the responsibility of everyone to ensure a more sustainable world for future generations.
He said a comprehensive multilateral approach to dealing with crises is important. He said, “Multilateralism today is needed more than ever to address global challenges. The dire need for renewed inclusive multilateralism was highlighted by the global economic crisis resulting from the COVID-19 pandemic.”
Despite the limitations of multilateralism, he said, the global community must strive for international cooperation to mitigate the risk of transnational global challenges. “The world needs a stronger, more inclusive and more innovative global system to overcome global challenges,” he said.
Qatar believes that everybody benefits from interconnected inclusive multilateralism and tries its best to play the role of global team player pursuing, along with its international partners, he said.
The minister said that the world would be better if conflicts were resolved by peaceful means.
Regarding the war in Ukraine, he said the solution lies in ending the crisis through peaceful means. He pointed out that putting more pressure and sanctions on Russia should take into account the goals and objectives that were imposed for it, which is achieving peace.