Qatar’s export revenues tumbled to their lowest levels since 2017 in Q1 with worse on the way. The petrostate’s export slate is dominated by oil and even more importantly gas. Q1 export revenues came in at $16.4bn. Of this 85% was from hydrocarbons, the lowest figure since 3Q 2017.
Overall, the quarterly figures were driven down by the tumultuous events of March, where first the dissolution of Opec+ cuts and then the imposition of lockdowns across Western economies sent oil prices into a tailspin. The $710mn of crude oil and refined products Qatar sold in March was the lowest since January 2016, while the $2.88bn for gas and condensate was the lowest since July 2016. (CONTINUED - 390 WORDS)