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Gas-rich Russia next to ponder impact of Qatari dust-up

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Staff Writer | June 6, 2017
The regional dust-up over ties to Qatar could lead to bearish market sentiments, especially for natural gas.
Russia gas
Energy   Saudi Arabia coordinated moves
Saudi Arabia coordinated with its regional allies to sever diplomatic ties with Qatar, a fellow member of the Organization of Petroleum Exporting Countries, because of the alleged support for terrorist groups like al-Qaida and the group using the moniker Islamic State.

In a statement carried by the official Saudi Press Agency, the government in Riyadh said the multilateral action "was an expression of keenness to preserve the unity of the Arab nation and take stance against Qatari acts, aimed at destabilizing security, in the region, contravening accords, charters, principles of international law and good neighborliness."

Qatar is the largest supplier of liquefied natural gas in the world and the row is having market spillover effects.

Alexander Medvedev, the deputy chairman of Russian natural gas company Gazprom, among the world's leaders, said the geopolitical situation in the region could lead to broader problems.

"Whether it will happen or not - we do not know," he was quoted as saying by Russian news agency Tass.

"To be honest, when the market is shaking, it is only interesting to market speculators. We prefer to have a predictable picture."