• 2 hours LNG Glut To Continue Into 2020s, IEA Says
  • 4 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 7 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 9 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 10 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls

Breaking News:

LNG Glut To Continue Into 2020s, IEA Says

OPEC Looks To Permanently Expand The Cartel

OPEC Looks To Permanently Expand The Cartel

OPEC Secretary General Mohamed Barkindo…

Qatar’s Energy Sector Shrinks By 2.7% In Q2

Doha

Qatar reported a 2.7-percent annual contraction in its mining and quarrying sector, which includes oil and gas production, for the second quarter of the year. The contraction dragged down overall economic growth, with GDP rising by just 0.6 percent from a year earlier. Non-oil growth slowed down to 3.9 percent on an annual basis, compared with 4.9 percent in the first quarter of 2017.

The Gulf state is faring better than the leader of the sanctions against it, Saudi Arabia. Unlike its small neighbor, the Kingdom booked a 1.03-percent GDP contraction for the second quarter, mostly on the back of lower crude oil output, which is part of its deal with OPEC to prop up international prices.

Qatar’s economy is less dependent on these prices—though it is feeling the pinch of the global LNG glut, too—and it is also more diversified. Construction grew by 15.3 percent annually in the second quarter, indicating the building boom in the country will continue, despite a temporary shortage of materials resulting from the blockade its neighbors imposed on Qatar in June.

The food industry also picked up, this time thanks to the blockade that its neighbors imposed on it in June. As part of the blockade, Saudi Arabia closed off its border, which used to be a main food import route, forcing Qatar to become more self-sufficient. This pick-up became obvious in the third quarter, with July food production shooting up 39.8 percent from a year earlier and 9.8 percent from June, when the sanctions were imposed.

Earlier this month, Qatar’s Economy Minister Sheikh Ahmed bin Jassim bin Mohammed al Thani said that the country’s gas export revenues are helping it weather the effects of the economic blockade. Although admitting to incurring additional costs as a result of the sanctions, these were negligible against the backdrop of its natural and financial resources. The official cited IMF data that revealed inflation remaining at 0.8 percent on an annual basis in June and 0.2 percent in July, despite the sanctions.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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