Doha: For his part, financial expert Abdulla Al Raisi said that the crisis of rising gas prices in Europe has become a major concern for European citizens, and there is opportunity for further price increases in the future as a result of geopolitical tensions and the ongoing war between the US and Iran in the Arabian Gulf, which caused a severe shortage in gas supplies to Europe, and increased gas exports to Asia.

According to Qatar News Agency, Al Raisi mentioned that Europe's attempt to phase out Russian oil by the year 2027 will be challenging with the severe shortages and price increases without considering other practical solutions to face this crisis, given that Europe might have a severe and harsh winter.

Al Raisi also predicted the slowing of gas price increases as well as economic growth, which raises the pressures on European governments to find solutions to lower the ghost of inflation like consumption rationalization campaigns, finding gas alternatives, and to seriously strive to contribute to resolving the war in the Gulf, so that all pathways of the Strait of Hormuz may open, life may return to how it was before the war on Europe, and to bear the responsibility of participating and contributing to solving this fabricated crisis.

Al Raisi noted that the European Central Bank started taking the energy shock into consideration more seriously in its predictions. According to the September 2026 forecasts, the Bank expects inflation in the Eurozone to reach 3% during 2026, compared to 2.1% in 2025. It is projected to reach approximately 3.6% in the fourth quarter of 2026 due to rising energy prices, before gradually declining later on. The Bank also forecasts economic growth of 0.9% in 2026 and 1.4% in 2027.

Al Raisi warned that the continued rise in gas prices over a prolonged period could create what may be described as a 'double shock' to the European economy, consisting of higher inflation on the one hand and slower economic activity on the other. Rising energy costs place pressure on businesses and households, while higher inflation reduces purchasing power and may require monetary policy to keep interest rates at elevated levels for a longer period.

In Al Raisi's concluding statements to QNA, he pointed out that the European Central Bank itself has developed various scenarios for the evolution of gas prices. Under the baseline scenario, gas prices are projected to reach around pound 60/MWh in the final quarter of 2026. The adverse scenario assumes prices of approximately pound 77, while the severe scenario projects prices of about pound 130/MWh. Under the severe scenario, the Bank expects euro area growth to slow to 0.4% in 2027, while inflation could reach 5.4% in the same year.