Qatar’s Emir Sheikh Tamim bin Hamad Al Thani has approved the emirate’s 2021 budget. The conservative oil price assumption of $40/B means that revenue estimates are on the low-side, and as a result the budget points towards a whopping projected deficit of QR34.6bn ($9.5bn).
Overall the 2021 budget projects that the key oil and gas sector will generate $33.4bn, 76% of the total $44bn. Nine months in to the current year oil and gas revenues totaled $27.4bn and the full year figure is likely to be significantly more than $33.4bn. Given the historic oil and gas price crash that resulted from this year’s Covid-19 pandemic, Qatari revenues are likely to increase next year. (CONTINUED - 203 WORDS)