By Kevin Whitelaw and Annmarie Hordern
September 20, 2026 (Bloomberg) — Qatari Energy Minister Saad Al-Kaabi disagrees with Treasury Secretary Scott Bessent, who claimed that the strategic Strait of Hormuz will lose its value in two years.
“This may be his opinion, but I believe he is completely wrong,” Al-Kaabi stated during the Qatar Economic Forum in New York City on Sunday.
Earlier this month, Bessent suggested that the Strait, a crucial passage for global oil trade that has faced disruptions due to the Iran war, would become less significant as nations develop pipelines to go around it. He remarked, “In two years, the Strait of Hormuz will be like a worthless piece of water” during a Group of 20 meeting on September 1.
Al-Kaabi, who also leads QatarEnergy, emphasized that the Strait is vital for various types of trade, not just oil and gas. “If you look at the trade that passes through the Hormuz Strait, it cannot become obsolete,” he asserted. “If this topic arises again, I will repeat that I don’t think it will ever be seen as outdated.”
Sheikh Faisal Al-Thani, Qatar’s minister of commerce and industry, supported Al-Kaabi's views, stating that the waterway will always hold importance. “The reality is that 90% of all shipping occurs via the sea,” he mentioned. “It’s a matter of diversification.”
Al-Kaabi added that Qatar does not plan to construct new pipelines to bypass Hormuz. “We have chosen not to pursue pipelines, and I believe this decision is based on commercial and technical factors; we will continue to use the straits,” he explained.
This decision is made in the context of regional infrastructure development, with Saudi Arabia increasing investments in Red Sea ports and the United Arab Emirates pursuing a multi-billion-dollar “Zero Hormuz” strategy to create alternative routes.
The Qatari government is sponsoring the Qatar Economic Forum, which is powered by Bloomberg.