Shell CEO Ben van Beurden and his QatarEnergy counterpart Saad al-Kaabi
QatarEnergy’s INOC paradox
The state-owned LNG heavyweight is adamant that it is a purely commercial enterprise, but the evidence is conflicting
The term INOC—for international national oil company—has somewhat fallen out of fashion in recent years. Interestingly, Saad al-Kaabi, CEO of QatarEnergy, did not try to revive it when he addressed the Energy Intelligence Forum in October. Instead, he claimed that his firm should simply be considered an IOC. But even a cursory glance at Kaabi himself must raise immediate questions about his claims of QatarEnergy being divorced from political influence. For one thing, as well as wearing his CEO hat, he is also Qatar’s minister for energy. His recent travel schedule—as publicised not by the ministry, but by QatarEnergy—also appears to conflict with his narrative. “The characterisation of NOC i
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
