Qatar has released its export statistics for April, and they illustrate a harsh reality. Revenues of $3.2bn were barely half the $6.1bn recorded one year previously, as low oil and gas prices took a severe toll. Numbers were down across the board, but the biggest year-on-year drops were for oil export revenues, down 65%. In contrast, exports of natural gas and NGLs which account for around two thirds of total exports were down “just” 45% on April 2019. This relatively robust performance on the gas side is, however, a mirage. Oil-linked gas sales prices lagging those of oil prices and so gas revenues will drop further in the coming months (MEES, 12 June).