Natural gas prices have soared by around 280% in Europe this year and by more than 100% in the United States, pushing up winter fuel bills, and exacerbating a near-term spike in inflation in another blow to a world economy as it recovers from the coronavirus crisis.
"Natural gas needs to be embraced as a transition fuel. A decarbonised future does not mean a hydrocarbon-free future," Tengku Muhammad Taufik said. "I don't think it is a crisis . Unfortunately, in my view, this is due to the market not investing enough in the industry," said Saad al-Kaabi, Qatar’s energy minister and the CEO of state-owned Qatar Petroleum , the world’s top liquefied natural gas supplier.
He too blamed the spike on a slowed pace of investments in gas, adding that gas prices were not sustainable at a level of $2 or $3 either. Some countries have agreed to reduce emissions to net zero by 2050 or earlier, meaning a shift away from fossil fuels, but many energy officials said consumers will pay the price.
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