Qatar’s 2024 budget envisions a marked drop in revenues to $55bn for the year, a decline to levels not seen since 2021. Revenues were budgeted at $62.6bn for 2023, and look set to come in closer to $70bn. This year’s cut is due to a conservative $60/B average oil price assumption.
Opec+ cuts and rising Middle East tensions will likely keep global oil prices well above $60/B for the year despite increased supply coming from the US (MEES, 5 January). And with Qatar’s trade revenue driven in large part by oil-linked LNG exports, revenue will likely remain strong despite the Europe-fueled price boom of 2022 fading away as more US LNG comes onto the market (MEES, 1 December 2023). (CONTINUED - 644 WORDS)
