Qatar hopeful EU will address concerns

Qatar's Energy Minister Saad al-Kaabi said on Saturday he was hopeful the European Union would resolve companies' concerns over its sustainability laws by the end of December.

Qatar has aired its frustration with the EU's Corporate Sustainability Due Diligence Directive (CSDDD) and has threatened to halt gas supplies. The dispute centres around CSDDD's potential to fine violators up to 5% of total global revenue. The minister has repeatedly said Qatar would not reach net-zero emissions targets.

Kaabi said global gas demand would remain strong, citing rising energy needs from artificial intelligence, and projected that liquefied natural gas (LNG) demand would reach 600-700 million tonnes per annum by 2035.

"I have no worry at all about gas demand in the future," he said at the Doha Forum conference in Qatar, adding that energy needed for AI would be a key driver of demand.

At full production, the North Field expansion project is expected to produce 126 million metric tons of LNG per annum by 2027, boosting QatarEnergy's output by some 85% from its current 77 mtpa.

He said the first train of Golden Pass LNG, its joint venture with ExxonMobil in Texas, should come online by the first quarter of 2026.

Oil prices in the $70 to $80 per barrel range would provide enough revenue for companies to invest in future energy needs, al-Kaabi said, adding prices above $90 would be too high.

He also warned that too much real estate was being built in the Gulf and a real estate bubble could be forming.