Qatar to base state budget on oil at $40 per barrel, Emir says
Qatar’s budget will be drawn up on the assumption of an oil price of $40 a barrel to shield the gas-rich Gulf country from oil prices volatility, Qatar’s Emir said on Tuesday.
Oil prices have recovered only slightly since tumbling to their lowest in almost two decades in March as the COVID-19 pandemic hit demand. Brent crude futures were trading at $39.67 a barrel at 0845 GMT on Tuesday.
Crude oil prices provide a benchmark for gas prices, impacting Qatar, which is one of the world’s biggest liquefied natural gas exporters.
“As we are keen to bypass the negative economic consequences resulting from the volatility of oil prices we have instructed that the state budget be based on the price of oil at $40 per barrel,
