With hydrocarbons accounting for 81% of government revenues, Qatar’s finances have been hit hard by the steady drop in oil prices over the past two years. According to freshly released government data Qatar raised $58.6bn in revenues last year, down 16% from 2023 and 28% from their recent peak in 2022.
Unlike most other GCC states, Qatar puts relatively little focus onto diversifying its economy away from hydrocarbons, and indeed is doubling down on its core assets with its plans to nearly double LNG exports to 142mn t/y by the end of the decade. Hydrocarbon revenues of $47.5bn last year were down $10bn from 2023, while non-hydrocarbon revenues dipped slightly to $11.1bn. With the vast bulk of Qatar’s LNG sold under long-term deals at oil-linked prices the oil price is the key variant for LNG revenue as well as that of Qatar’s liquids exports. (CONTINUED - 663 WORDS)
