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Qatar Energy Chief Rejects Scott Bessent's Strait of Hormuz Prediction
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Moneycontrol•20-09-2026, 23:09
Qatar Energy Chief Rejects Scott Bessent's Strait of Hormuz Prediction
- •Qatar Energy Chief Saad Al-Kaabi strongly disagreed with Treasury Secretary Scott Bessent's claim that the Strait of Hormuz would be "worthless" in two years.
- •Al-Kaabi, speaking at the Qatar Economic Forum, asserted that the Strait of Hormuz is a crucial transit point for all types of trade, not just oil and gas, and will not become obsolete.
- •Bessent had suggested the waterway's importance would diminish as countries develop bypass pipelines, a remark made earlier this month.
- •Qatar's Minister of Commerce and Industry, Sheikh Faisal Al-Thani, supported Al-Kaabi's view, emphasizing that the majority of global shipping relies on sea routes.
- •Al-Kaabi confirmed that Qatar has no current plans to build new pipelines to bypass the Strait of Hormuz, citing commercial and technical decisions.
Key Questions Answered
Qatari Energy Minister Saad Al-Kaabi stated that Treasury Secretary Scott Bessent is completely wrong to claim the Strait of Hormuz will become worthless in two years, emphasizing that the waterway is a vital transit route for trade beyond just oil and gas and will never become obsolete.
Qatar decided not to build new pipelines to bypass the Strait of Hormuz, opting instead to rely purely on commercial and technical decisions to continue using the straits for transit.
Sheikh Faisal Al-Thani, Qatar’s minister of commerce and industry, echoed the energy minister's remarks by stating that the waterway will never be irrelevant, noting that 90% of all shipping happens through the sea as a matter of diversification.
