Qatar Embargo One Year On: Anatomy Of Resistance

One year on, Qatar has made no meaningful concessions to Saudi Arabia and its allies. Unimpeded oil and gas exports have enabled it to largely offset the disruption.

The anniversary of the 5 June 2017 Qatar embargo summed up the entire situation in a nutshell. Qatari officials bizarrely claimed the country has been strengthened, while readers of Saudi, Emirati, Bahraini and Egyptian press could be forgiven for picturing Doha in the grip of an economic catastrophe.

Unsurprisingly, the reality lies between these utopian and dystopian visions, albeit closer to the Qatari version. Stabilizing the situation has come at a cost for Qatar, but with 77mn t/y LNG exports and foreign reserves of $39.8bn, it faces little pressure to give in to the “anti-terror quartet.”

Writing in the New York Times on 5 June, Qatar’s foreign minister Mohammed al-Thani said “today, Qatar is stronger than it was a year ago. Within 24 hours of the imposition of the blockade, we quickly established new sources… more sustainable supply routes.” (CONTINUED - 706 WORDS)


chart 1: Imports Of Qatari LNG From Major Asian Buyers Hit A Four Year High In Q1 (Mn Tons)...
chart 2: ... Whilst Imports Of Qatar Crude & Condensate Have Rebounded From 2Q 2017 Lows (‘000 B/D)