Qatar energy minister calls Bessent ‘wrong’ on Hormuz

Qatar's Energy Minister Saad Al-Kaabi on Sunday called U.S. Treasury Secretary Scott Bessent "wrong" for suggesting the Strait of Hormuz will become obsolete, pushing back publicly against Washington's characterization of the world's most important oil chokepoint during the Qatar Economic Forum in New York.bloomberg+1

Bessent had said on September 1 that the Strait of Hormuz would be "like a worthless piece of water in two years." Speaking with Bloomberg's Annmarie Hordern at the QEF, held on the sidelines of the 81st UN General Assembly, Al-Kaabi rejected the claim directly, saying the strait "cannot be obsolete". He also confirmed that Qatar has no plans to construct pipelines to bypass the waterway.moneycontrol+1

Energy Disruptions Loom Over Forum

The remarks carry particular weight given recent disruptions to Qatar's energy exports. Al-Kaabi, who also serves as QatarEnergy CEO, said that 17% of Qatar's LNG production capacity had been affected by transit disruptions, but that exports could return to normal levels "within weeks" if the strait reopens. He warned that European gas prices, already trading at an oil-equivalent price of $160, could climb further if bottlenecks persist ahead of winter.dohanews

Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani described the regional situation as an "earthquake" that had sent shockwaves through global security, maritime routes and energy supply chains.dohanews

$60 Billion Investment Pipeline

Beyond energy, Qatar used the forum to unveil a sweeping domestic economic agenda. Over the next five years, the country expects to award roughly $38.5 billion in new infrastructure projects, with an additional $22.5 billion in private investment targeted at real estate and hospitality.dohanews

The prime minister also launched "Doha Investment," a platform under the Qatar Investment Authority comprising more than 40 companies — including Qatar Airways Group, QNB Group and Ooredoo Group — operating across over 80 global markets.dohanews

Finance Minister Ali bin Ahmed Al Kuwari pointed to a "V-shaped economic recovery," noting the government had repaid $5.5 billion in debt and cut second-quarter spending by 25%. He also outlined Qatar's ambition to "export computational power" through a new national AI platform called "Qai".dohanews

Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani said the North Field LNG expansion remains on track to double capacity to 145 million tonnes annually by 2030, with the first phase due in 2027.dohanews