Qatari export revenues soared 18% to $67bn in 2017 despite the emirate being subject to a trade embargo by key neighboring states since June (MEES, 9 June 2017). With Q4 export revenues the highest since 2Q 2015, Qatar is set up for strong gains in 2018, potentially rising above 2015’s $77bn.
Unsurprisingly, oil and gas revenue drove last year’s gains, with hydrocarbon exports amounting to 84% of total sales – the highest figure since 2014’s 87% when oil prices averaged almost $100/B. Hydrocarbon revenues rose 21% year-on-year thanks to a combination of rising oil prices and the start of commercial operations at the 146,000 b/d Ras Laffan-2 condensate splitter in December 2016 (MEES, 6 January 2017). (CONTINUED - 1331 WORDS)
