(Bloomberg) -- The Qatar Economic Forum kicked off on Tuesday, with Nouriel Roubini warning of a recession in the United States by the end of this year. 

Tesla Chief Executive Officer Elon Musk is due to speak at about 9:45 a.m. in Doha. The billionaire sparked frustrated commentary with his remarks at a Twitter all-hands meeting last week, and sent Tesla staff on a roller-coaster ride with conflicting messages about potential job cuts earlier this month. 

The CEO of Qatar’s wealth fund, which is backing Musk’s bid for the social network, will also make an appearance. Other speakers include Saad Al-Kaabi, the energy minister of Qatar -- one of few nations that can substantially replace Russian gas supplies to Europe. 

Western Energy companies including ConocoPhillips are investing in a $29 billion project to boost Doha’s exports. The project is one of the largest in the natural gas industry and QatarEnergy, of which al-Kaabi is CEO, is scheduled to announce another deal on Tuesday. Exxon Mobil is one of the bidders and its CEO is among the speakers at the QEF. 

NOTE: Qatar’s Ministry of Commerce and Industry, Qatar Investment Authority and Investment Promotion Agency Qatar are the underwriters of the Qatar Economic Forum, Powered by Bloomberg. Media City Qatar is the host organization. 

Key Highlights:

  • Terminal users: watch Musk on {LIVE } and follow on TOPLive
  • Other speakers: StanChart’s Winters, Vitol’s Hardy, Steve Mnuchin

Roubini Warns of US Recession (09:10 a.m. Doha)

Roubini is calling a US recession by the end of the year. “We’re getting very close,” as measures of consumer confidence, retail sales, manufacturing activity and housing are all slowing down sharply while inflation is high, he said on Bloomberg TV.

He sees further downside for both stocks and bonds in this environment.

Stock prices tend to fall by 35% during US recessions and by 50% in stagflationary periods, the chief executive officer of Roubini Macro Associates said, adding that the US 10-year Treasury yield could get to “well above 4%.” Meanwhile, if the yen falls by another 10% against the dollar, it will “imply a change in policy” by the Bank of Japan likely in terms of yield curve control, he added.

Namibia GDP May Double by 2040 on Oil Finds (8 a.m. Doha)

Namibia and its partners are “all aligned” on bringing country’s first two oil discoveries to production as soon as possible, Jennifer Comalie, chairperson of National Petroleum Corp. of Namibia, said in a Bloomberg TV interview Tuesday on the sidelines of the QEF.

TotalEnergies SE said in February it had made a “significant” oil discovery, weeks after Shell announced a find in the southwest African nation. “At peak, these two discoveries could bring $5.6 billion to a very small economy, doubling the GDP by 2040,” Comalie said, without giving details on when fields could start production or how much oil will be pumped.

ConocoPhillips Invests in Qatar Gas (June 20)

ConocoPhillips CEO Ryan Lance said volatility in global gas markets may last years, as the Houston-based firm joined other Western energy companies investing in Qatar’s North Field East project, which is expected to start operating in early 2026. 

TotalEnergies SE of France and Italy’s Eni SpA have also bought stakes, while Shell Plc and Exxon Mobil Corp. are among the others making bids. The expansion will increase Qatar’s LNG capacity to 110 million tons annually from 77 million, just as demand surges across the world. 

European buyers have rushed to secure non-Russian supplies since Moscow’s invasion of Ukraine. Gazprom PJSC last week reduced pipeline gas flows, underscoring the continent’s vulnerability and raising the specter of fuel rationing. Prices in Europe surged 43% last week.

Once the extra gas is flowing, Qatar expects to send more shipments to Europe. Around 80% of Qatari LNG currently heads to Asia, but the proportion being shipped to Europe will rise to 40%-50%, according to QatarEnergy CEO Al-Kaabi.

Rwanda President Slams Congo Counterpart (June 20)

Rwanda’s Paul Kagame accused Democratic Republic of Congo President Felix Tshisekedi of ignoring the “real issues” threatening relations between the neighbors as fears mount of a new war in the Great Lakes region. 

Over the past weeks, the two have blamed each other for stirring the conflict. Tshisekedi said Kagame is backing rebels against his government. Rwanda denies the allegation and has warned Congo against firing into its territory under the guise of going after insurgents.

“Making those accusations is simply running away from his responsibilities as the president of that country,” Kagame said in an interview at the Qatar Economic Forum. He was referring to an inability to deal with militant groups in eastern Congo, a threat successive Congolese administrations and the United Nations have failed to tackle for two decades.

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