June 12 (UPI) — All available resources were deployed to offset risks to the global energy supply from the diplomatic row over Qatar, the national energy company said.
Qatar is a member of the Organization of Petroleum Exporting Countries and a world leader in the delivery of liquefied natural gas. Qatar Petroleum, the state-owned oil and gas company, said during the weekend that it was conducting “business as usual” throughout all components of its business environment.
“Qatar Petroleum remains committed to its international reputation as a trustworthy, stable and reliable global energy producer and provider, and is confident that it will continue to live up to this reputation,” the company stated.
Energy markets were rattled last week when Saudi Arabia and its regional allies severed ties with Qatar because of its alleged support for terrorist groups like al-Qaida and the Sunni militants aligned with the Islamic State. The row raised questions over the durability of an OPEC-led agreement to balance the market through managed production declines as many of the countries involved in the regional spat are members of the group
The situation escalated further on Friday when Riyadh led its allies in targeting terrorist funding tied to Qatar. While criticizing Qatar for its alleged support for extremists, U.S. Secretary of State Rex Tillerson said Saudi Arabia and its allies should ease the blockade against Qatar because of commercial and humanitarian strains.
Qatar Petroleum added that it supplied 30 percent of the world’s LNG and had customers from Asia, to Western and Middle East countries, including some aligned with Saudi Arabia.