• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 1 hour Let's shut down dissent like The Conversation in Australia
  • 2 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 3 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 53 mins Trump Accidentally Discusses Technology Used In The Border Wall
  • 15 hours Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 8 hours Donald Trump Proposes Harnessing Liberal Tears To Provide Clean Energy
  • 10 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 8 hours Saudis Confirm a Cruise Missile from Iranian Origin
  • 12 mins Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 7 hours Saudis Buying Oil From Iraq
  • 11 mins Hong Kong protesters appeal to Trump for support.
  • 24 hours China Faces Economic Collapse
  • 1 day Democrats and Gun Views
Alt Text

Trump Battles To Avoid War With Iran

The investigation into who launched…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

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

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:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play