Ukraine-Russia crisis is driving countries to explore new ways of pricing oil, Qatar says

Ukraine-Russia crisis is driving countries to explore new ways of pricing oil, Qatar says


Qatar’s foreign minister has said the conflict in Ukraine, and its geopolitical ramifications, is pushing some countries to explore new ways of pricing oil — not in the dollar.

The comments, made Saturday by Mohammed bin Abdulrahman Al-Thani, come after a Wall Street Journal report that Saudi Arabia is in accelerated talks with China to accept yuan instead of dollars for oil that Beijing buys.

Speaking to Hadley Gamble at the Doha Forum, Al-Thani said he didn’t expect such a system to be introduced in the near term, but stressed that the economic consequences of the Ukraine war were hitting some countries hard.

“Honestly speaking, look at what happens and the dynamics around us right now. I’m sure there are a lot of other countries who are unhappy with what’s happened and the consequences of the Ukrainian-Russian crisis, especially the economic consequences,” he said.

“And they are going to look and explore a parallel system [of pricing oil] … going to hedge, at least, for them economically. So as we are living through a transition, this transition will not be only a political transition but it is an economic transition as well.”

Oil diversification

Qatar’s Al-Thani also said the country was “stepping up” and holding talks with European countries about boosting gas supplies.

“We are stepping up and helping some European partners who are starting to suffer from some gas shortages … with the limited amount that we have,” he said, stressing that the majority of its gas contracts are long-term and so can’t be changed.

It comes as European countries seek to diversify their energy supply away from Russia – particularly gas. The EU imported 45% of its gas from Russia last year, according to the International Energy Agency.

On Friday, the U.S. said it was looking to work with partners — which include Qatar — to provide at least 15 billion cubic meters more of liquified natural gas to Europe this year, with that amount set to increase going forward.

However Al-Thani said that no one energy supplier can substitute another.

“I think the best way forward is diversifying the source of supply,” he added. “This will be the only way forward. We are in discussion with a lot of other European countries right now, for new long-term contracts. And this discussion is just ongoing.”



Source

How ‘Daddy’ talk and Trump and Rutte’s bromance stole the NATO spotlight
World

How ‘Daddy’ talk and Trump and Rutte’s bromance stole the NATO spotlight

US President Donald Trump (R), German Chancellor Friedrich Merz (L,up), NATO Secretary General Mark Rutte (L) and Greek Prime Minister Kyriakos Mitsotakis (R, up) gather for a family photo before a plenary session of the North Atlantic Treaty Organization (NATO) Heads of State and Government summit in The Hague, on June 25, 2025. Christian Hartmann […]

Read More
H&M shares jump 5% as summer shopping pick-up seen after weaker-than-expected quarterly sales
World

H&M shares jump 5% as summer shopping pick-up seen after weaker-than-expected quarterly sales

A close-up view of the illuminated red H&M logo in front of a display of women’s summer dresses and casual apparel at a retail store. Cheng Xin | Getty Images News | Getty Images Swedish clothing giant H&M on Thursday reported weaker-than-expected sales in the fiscal second quarter but pointed to an uptick in demand to […]

Read More
CNBC Daily Open: Funny how the S&P 500 is teasing a new high amid uncertainties
World

CNBC Daily Open: Funny how the S&P 500 is teasing a new high amid uncertainties

Traders work at the New York Stock Exchange on June 25, 2025. NYSE Have we gone back in time? It certainly seems on the markets front. Just look at the S&P 500 and you will think that it’s back in February — before U.S. President Donald Trump’s “reciprocal” tariffs, before the White House’s “One Big […]

Read More