Buoyed by bullish commodities markets, Qatar’s export revenues aren’t just back to pre-Covid levels, they have jumped to their highest level in nearly three years. Both on a quarterly and a monthly basis, the government’s June export statistics show that revenues are now at their highest level since late-2018.
Fundamentally, Qatar is benefitting from the return of oil prices to pre-Covid levels: Q2’s average Brent price of $69/B was the highest since Q3 2018. But it is also benefitting from a sizeable ‘non-hydrocarbon’ boost. Petrochemicals form the largest portion of these non-hydrocarbon revenues, and the sector is now emerging from a lull which predates the pandemic. With petchems prices booming, Qatar’s non-hydrocarbon exports are now at their highest level in nearly six years. (CONTINUED - 1237 WORDS)