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
8 December 2025
The Caribbean country’s role in the global oil market is significantly diminished, but disruptions caused by outright conflict would still have implications for US Gulf Coast refineries
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
