Qatar's energy minister said he was "very concerned" that underinvestment and a sharp increase in energy consumption by artificial intelligence would lead to a shortage of LNG and natural gas after 2035. This was reported by Bloomberg, writes UNN.
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Qatar's Ministry of Energy stated that global demand for liquefied natural gas will increase from 600 million tons to 700 million tons per year within ten years — compared to the last annual production level of 400 million tons — and this will largely be driven by the growth of energy-intensive artificial intelligence.
Investments are insufficient, and if the situation does not change within the next five to six years, we will face problems in 2035
"In every country we talk to, 10% to 20% of demand comes from artificial intelligence," Al-Kaabi said.
Given the large capacity in the oil market, he believes that the biggest problem for oil prices is a global economic slowdown.
Al-Kaabi noted that the ideal oil price for financing the necessary infrastructure investments is $70-80 per barrel. Qatar withdrew from the Organization of the Petroleum Exporting Countries in 2019.