• 3 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 19 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 51 mins WTI @ $75.75, headed for $64 - 67
  • 52 mins EU to Splash Billions on Battery Factories
  • 3 hours US top CEO's are spending their own money on the midterm elections
  • 17 mins The Dirt on Clean Electric Cars
  • 11 hours Petrol versus EV
  • 5 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 6 mins Satellite Moons to Replace Streetlamps?!
  • 3 hours The Balkans Are Coming Apart at the Seams Again
  • 8 hours 10 Incredible Facts about U.S. LNG
  • 48 mins Uber IPO Proposals Value Company at $120 Billion
  • 16 hours E-mopeds
  • 3 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 6 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day These are the world’s most competitive economies: US No. 1
Alt Text

Carbon Pricing Won't Kill Big Oil

Big oil has agreed to…

Alt Text

Oil’s $133 Billion Black Market

With oil prices back on…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Oil Product Demand In This Middle-East Nation Just Hit An All-Time High

Qatar refinery

Despite low crude prices, Qatar’s non-oil economy is still strong – unlike the more sluggish growth of neighboring Gulf countries – and its demand for refined oil products has more than doubled in five years with huge infrastructure investments ahead of the 2022 FIFA World Cup and its expansion of the civil aviation industry.

Qatar’s average daily consumption of refined oil products -- including gasoline and jet fuel – hit a record 228,000 barrels per day between January and May 2016, Bloomberg reports, quoting data by the Joint Organisations Data Initiative (JODI).

That’s more than double the demand from 2011.

Qatar is investing US$200 billion to upgrade its infrastructure for hosting the World Cup, although its treatment of migrant workers at facilities has sparked huge controversies. The country is also investing in the fleet expansion of Qatar Airways, which has pushed kerosene demand up to 113,000 barrels a day on average between January and May this year, doubled compared to 2014.

 

(Click to enlarge)

Qatar’s economy looks healthy, although it had to increase utility and energy prices to fill in budget gaps that opened up with the oil price crash. The International Monetary Fund (IMF) expects Qatar’s real GDP to grow by 3.4 percent, both in 2016 and 2017, with consumer prices seen up 2.4 percent this year and 2.7 percent in 2017. Related: Is The Oil Production Efficiency Boom Coming To An End?

Talking to Bloomberg on the phone, John Sfakianakis, director of economics research at the Gulf Research Center, said: “Purchasing power in Qatar is extremely high, which will allow people to continue consumption of petroleum products despite price increases.”

That’s countering the general slowdown trend of many economies in the Gulf, with low crude prices taking their toll and also prompting Saudi Arabia – OPEC’s biggest producer – to cut subsidies for gasoline in order to shore up huge budget deficits.

And now that we mentioned OPEC, Qatar’s Minister of Energy and Industry and current OPEC President, Mohammed Bin Saleh Al-Sada, rekindled rumors and speculations earlier this month with a statement announcing that an informal meeting will take place in late September. Rumors have been flying since about who’s joining, and if will they will ever reach a deal to cap crude production.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News