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The latest trade figures from Qatar indicate that its hydrocarbon exports have got off to a strong start in 2017 with Q1 revenues up some 25% year-on-year at $13.8bn (see charts 1 & 2). But ratings agency Moody’s swiftly took the shine off of this by downgrading Qatar’s sovereign rating one notch to Aa3 on 26 May.
RAS LAFFAN REVENUE BOOST
The biggest yearly increase in export revenues reported by Qatar’s Ministry of Development, Planning and Statistics was for oil and products. These rose a hefty 54% to $3.7bn in Q1 2017 despite the latest data from Riyadh-based Jodi showing a slight fall in crude export volumes over this period from 492,000 b/d to 471,000 b/d. This volumetric fall was more than offset by the staggering 71% increase in the price of Qatar’s benchmark Qatar Marine crude grade to $52.74/B over the same period – the highest quarterly average price since Q2 2015. (CONTINUED - 1051 WORDS)
DATA INSIDE THIS ARTICLE
|chart||1: Qatar’s Hydrocarbon Export Revenues On Track To Rise From 2016 Lows... ($Bn)|
|chart||2: ...As Quarterly Revenues Show Sizeable Year-On-Year Gains ($Bn)|
|chart||3: Ras Laffan 2 Start Up Boosts Qatar Products Exports In Q1 (‘000 B/D)|
|chart||4: LPG Output, Exports Fall On Pearl^ GTL Plant Shutdown (‘000 B/D)|
|chart||5: Qatar’s LNG Revenues From Key Asian Buyers Slips Year-On-Year ($Mn)...|
|chart||6: ...As Falling Volumes Take Their Toll (Mn Tons)|
|chart||7: Contracted Volumes Through Dolphin (Mn Cfd)|
|chart||8: Australia Soars Past Qatar As Top LNG Supplier To E Asia* (Mn T)|