As the Iran-Israel-United States conflict intensifies, spiraling into a major regional war, a politician and ex-army officer is urging the Liberian government to begin pro-active measures in preparation for a possible global shortage of petroleum products.
Captain Jerry Kollie has warned that, as key oil and gas producing gulf countries begin scaling down and instituting temporary closures of their production facilities, as part of precautionary measures, oil and gas production and prices are beginning to be affected, a situation which particularly signals the possibility of limited supplies and availability for small and poor countries such as Liberia.
Kollie cited attacks on major oil and gas producing facilities in Saudi Arabia, Qatar and other countries, which have, according to international news channels, as of Tuesday morning, March 3, started impacting the prices of energy products, with the price of a barrel of oil moving up to US$80 or more.
He emphasized that government’s duties and responsibilities include providing swift and timely information, and preparing for eventualities that impact the safety, security and economic wellbeing of the people, especially ahead or during major crises involving countries that shift the destiny of the world’s economy.
“As we watch the war intensifies, responsible governments around the world are not waiting to be caught pants down, but they are beginning to take credible steps, including preparing the minds of their people and making practical adjustments to withstand any economic shocks that may come as a result of what is happening in the gulf region where some of the world’s major oil and gas producing countries are located,” Captain Kollie underscored.
He expressed serious concern over the situation, as the BBC and other credible international news outlets are reporting that oil and gas prices have surged as Iran continues to launch strikes across the Middle East in response to on-going attacks by the US and Israel, causing natural gas prices to spike on Monday, March 2, 2026, after QatarEnergy, one of the world’s biggest exporters, halted production following “military attacks” on its facilities.
Captain Kollie called on government to pay keen attention to these troubling developments and keep the population informed about whatever measures, if there are any, as global oil prices have also jumped, with the global benchmark Brent crude briefly hitting $82 (£61) a barrel on Monday, after at least three ships were attacked near the Strait of Hormuz last weekend.
As the war continues, Iran has warned vessels not to pass through the crucial Strait of Hormuz waterway in the south of the country, through which about 20% of the world’s oil and gas is shipped.
Banks such as Barclays, Standard Chartered, and HSBC, have also seen their share prices slide amid concerns that a sustained rise in energy prices risks fueling inflation which, in turn, could lead to fewer interest rate cuts by central banks.
QatarEnergy, which is owned by the state of Qatar, said that it had suspended producing liquefied natural gas (LNG) after the country’s Ministry of Defense (MoD) said a drone launched from Iran targeted a facility in Ras Laffan Industrial City, and a drone went after a water tank belonging to a power plant in Mesaieed, south of the capital, Doha.
Meanwhile, in neighboring Saudi Arabia, the Kingdom’s main oil and gas company, Aramco, temporarily shut its major oil refinery at Ras Tanura on the coast after being hit by a drone.
Captain Kollie expressed hope that the government would take these developments into account and undertake the required measures that would serve the best interest of the people.
