Qatar’s economy has proven resilient ever since the onset of the regional blockade in June 2017 (MEES, 9 June 2017) as its hydrocarbon-driven exports rose in value. Its trade surplus did dip last year amid lower oil and gas prices, but was a still-robust $44bn (see chart 1). But a weak global LNG market, with no sign of an upturn, points to a further squeeze on revenues in 2020.
LNG is by far Qatar’s largest single export commodity. It forms around two-thirds of the ‘Natural Gas, LPG & Condensates’ segment which in turn accounted for 62% of Qatar’s overall 2019 export revenue of $73.1bn (see chart 2). (CONTINUED - 1011 WORDS)