The oil-exporting countries of the Persian Gulf, from Qatar to Saudi Arabia, are turning to the public to sell debt as shrinking oil revenues erode their budgets. Qatar, which owns Continue Reading
Qatar will scrap gasoline and diesel subsidies next month as the world’s richest nation per capita is set to plunge into deficit this year after more than a decade of Continue Reading
The preliminary agreement by Russia, Saudi Arabia, Venezuela and Qatar to freeze output has already put a floor under crude prices and a deal this weekend to include other producers Continue Reading
For the Gulf states, maintaining unity becomes all the more important amid economic slowdown. Click here to continue reading… Stratfor provides global awareness and guidance to individuals, governments and businesses Continue Reading
Gulf Cooperation Council countries may struggle to refinance $94 billion of debt in the next two years as the region faces slowing growth, rising rates and rating downgrades, according to Continue Reading
Venezuelan Oil Minister Eulogio Del Pino, on a tour of oil producers to lobby for action to prop up prices, said on Thursday he had a “good and productive” meeting Continue Reading
A caustic slogan is doing the rounds on social networks in the Gulf states this festive season: “All I want for Christmas is for oil prices to go up.” Gloom Continue Reading
The six oil ministries from the Gulf Cooperation Council (GCC) countries will meet Wednesday to discuss the possibility of unifying the prices of oil products, Kuwait’s oil ministry said in a statement late Sunday. The meeting, planned for Doha will be attended by undersecretaries from each of the ministries — from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia andthe United Arab Emirates– according to state-run KUNA news agency. The group will review a memo prepared with the Organization of Arab Petroleum Exporting Countries (OAPEC) to increase cooperation on energy and petroleum strategy. The Kuwaiti ministry highlighted the importance of the Doha meeting in light of rapid changes in the global oil industry and the need for stability, KUNA reported. Article continues below… Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand […]
Qatar has recently passed Lichtenstein to occupy the position as the world’s wealthiest nation. Despite claims from tourist sites that the country owes its economic fame to the 19th century pearl industry , the true source of Qatar’s fortunes lies under its windswept sands. Qatar, it is estimated, has the largest non-associated (i.e., not found with oil) natural gas fields in the world. The primary company charged with excavating and exporting the natural gas, is Qatar’s domestic Qatargas which, despite being partially owned by foreign investors, serves to fill the country’s coffers. Established in 1984, just 10 years after Qatar nationalized its energy resources, Qatargas pioneered the technique of creating liquefied natural gas (LNG) in the Middle East. Today, Qatargas is the largest producer of LNG on the planet. Natural gas has substantially contributed to building Qatar’s national identity. From the futuristic skyline of Doha to the extravagant lifestyle […]
ENLARGE A construction site in Doha, Qatar, which is pouring billions of dollars into infrastructure projects in the runup to its hosting of the 2022 soccer World Cup. Photo: Zuma Press The Qatari government risks posting a budget deficit in 2016 as low oil prices continue to pose a challenge to energy-dependent nations, the International Monetary Fund said. Qatar is the world’s largest exporter of liquefied natural gas and those revenues have allowed the Persian Gulf nation to pour billions of dollars into the country’s infrastructure as it tries to reduce its dependence on energy-related income and as it prepares to host the soccer World Cup in 2022 . For years, Qatar benefited from an oil price that hovered above $100 a barrel but in the past six months that fell to about $60 . More than 90% of Qatar’s budget revenues and exports stem from activities tied to […]
