Recession Warnings Multiply; Exxon Signs Gas Deal: Qatar Update

Delegates at the second annual Qatar Economic Forum, from Tesla Chief Executive Officer Elon Musk and Nouriel Roubini to Atlas Merchant Capital’s Bob Diamond and StanChart’s Bill Winters, warned the United States was heading toward a recession.

“A recession is inevitable at some point, as to whether there is a recession in the near term, that is more likely than not,” Musk told Bloomberg News Editor-in-Chief John Micklethwait. Diamond also said a downturn is almost unavoidable, and Roubini, nicknamed “Dr. Doom” for his bearish views, forecast a recession by the end of the year.

Exxon Mobil Corp. said it is investing in Qatar’s $29 billion North Field East project to boost Doha’s gas exports, joining other western energy firms. The Gulf state, among the world’s biggest LNG exporters, is one of few nations that can substantially replace Russian gas supplies to Europe -- but the project will start operating only in early 2026.