Qatar’s export revenues have spiked to record highs as the energy crunch has pushed up prices for its core LNG exports. Even though oil revenues dipped somewhat, Qatar’s total export revenues in August hit an all-time-high of $12.85bn and could well rise further before the end of the year.
Hydrocarbons are the engine of Qatar’s exports and accounted for 89% of total revenues for August. Oil exports dropped by $220mn to $2.23bn for the month, the lowest level this year. But this was more than offset by surging revenues from “Petroleum Gases and Other Gaseous Hydrocarbons.” LNG is the backbone of this sector, and is primarily sold under long-term oil linked prices, which crucially lag oil markets by as much as 4-5 months. (CONTINUED - 883 WORDS)