Qatari Finance Minister: Energy prices must be fair to the producer and the consumer

Qatari Finance Minister Ali bin Ahmed al-Kuwari said on Sunday that energy prices should be fair for both producers and consumers. "We need stable and fair prices that the supplier and the buyer can support. This is in our long-term interest," he added during the Doha Forum. The Qatari minister stressed the need to read the reasons for the rise in food prices, and those related to energy products, in the current period as a result of the ongoing war in Ukraine. He talked about the shortage of oil in global markets, estimated at two million barrels of oil per day, which led to an increase in prices. He pointed out that the world is witnessing a shortage of gas supplies, which needs years to raise their levels, noting that the State of Qatar is linked to long-term contracts, and that raising its production capacities by 60% takes 4 or 5 years. The Qatari minister said that the comprehensive pluralistic approach to dealing with crises is important, and its feasibility has emerged during the Corona pandemic, which did not leave a country unaffected, and stressed that the world would be better if conflicts were resolved by peaceful means. He pointed out that the world is in need of more solidarity and solidarity, and to think about future generations, especially on the level of sustainability in various fields. "Everyone is responsible for maintaining a more sustainable world for future generations," he said. The world has become more fragile despite the great financial potential In turn, the Director-General of the International Monetary Fund, Kristalina Georgieva, stressed that comprehensive pluralism is the approach to dealing with crises, noting the shock suffered by the world, which is still recovering from the repercussions of Corona, as a result of the war in Ukraine, which ravaged various economic expectations, as the world was hoping to reduce rates Inflation and increased growth finds itself in a completely opposite situation. She said that geopolitical tensions create great pressure on recovery efforts, so it is important not to lose sight of the group that will pay the price, namely the poor, noting that sanctions are the correct methodology, and explained that these unprecedented sanctions were necessitated by the unprecedented war. Kristalina Georgieva added that the world will pay the price for this war, especially in light of the large flows of Ukrainian immigrants, as the number of displaced people from Ukraine has reached 3 million, so this war must end. The Director-General of the International Monetary Fund said that the world, despite its great financial capabilities, has become more fragile in the face of challenges and crises, and everyone needs to think about the rights of future generations. And the director of the fund warned that Africa may face famine due to the repercussions of Russia's war on Ukraine, and added - in an exclusive interview with Al Jazeera - that the countries of the brown continent import half of their wheat and corn needs from these two countries. She also said that Russia's war on Ukraine has significant repercussions on the two countries, and expected the Ukrainian economy to shrink by about a third, and a sharp decrease in the purchasing power of the Russians.