Qatar Energy Chief disputes Bessent on Strait of Hormuz future

Qatari Energy Minister and QatarEnergy CEO Saad Al-Kaabi has disputed claims made by US Treasury Secretary Scott Bessent regarding the future importance of the Strait of Hormuz. Speaking at the Qatar Economic Forum in New York City, Al-Kaabi stated that Bessent is “wrong” in his assessment that the strategic waterway will become “worthless” within two years.

Bessent previously suggested that the strait, a critical juncture for global oil trade currently impacted by the Iran war, would lose significance as nations develop pipelines to bypass it. However, Al-Kaabi argued that the strait remains a vital transit venue for diverse types of trade beyond just oil and gas, asserting that the waterway “cannot be obsolete.”

Qatar’s Minister of Commerce and Industry, Sheikh Faisal Al-Thani, supported this stance, noting that the vast majority of shipping occurs by sea. Al-Kaabi further clarified that Qatar has decided against building new pipelines to bypass the strait, citing commercial and technical reasons, and intends to continue using the waterway.