Qatari Oil Minister Abdullah bin Hamad al-Attiyah on Tuesday warned the global economic downturn will continue to hit the Gulf state's vital energy exports.
"The fallout from the economic crisis doesn't only hit financial institutions but other sectors, such as oil and gas," Attiyah told the fledgling Gas Exporting Countries Forum. "The last quarter 2008 was difficult for the energy industry and all the indicators show that this year it will witness a tough period as well."
Oil prices on world markets tumbled to about $32 a barrel in December from an all-time high of $147 a barrel last July before recovering to $72 a barrel Tuesday.
"The current economic crisis, which was not expected and was unprecedented, has prompted a revision of strategies to counter the possible impact of these challenges," Attiyah said.
He said demand for gas would grow 1.6% annually from 104 trillion cubic feet in 2006 to 153 trillion cubic feet in 2030. He didn't say how demand for gas would be affected by the economic slowdown.
Qatar has the world's third largest proven reserves of natural gas after Iran and Russia. It is the world's top exporter of liquefied natural gas.