Qatar ramps up crude oil production
Output rose to 642,000 barrels per day in May 2015 from 635, 000 bpd in April
Qatar’s crude oil production rose to 642,000 barrels per day (bpd) in May 2015 from 635, 000 bpd in April, accoridng to QNB 's monthly economic monitor.
The note said that production is expected to stabilise despite a drop in crude oil exports due to ample supply and lower demand.
"We expect Qatar’s crude oil production to stabilise. We also forecast Brent crude oil price to average $56.2 per barrel, close to its average so far this year."
Brent crude oil had its worst month in 2015, with prices falling by 17.9% in July, falling to $52.2 compared to $63.6 at end-June 2015.
Lower oil prices had a negative impact on Qatar's foreign merchandise trade surplus, which narrowed to $4.1bn in June 2015 down from $8.6bn a year earlier.
"The decline was mostly due to the fall in hydrocarbon exports, which decreased by 8.2% year-on-year on lower oil prices; imports rose by 1.6% over the same period on rising domestic demand," QNB said.
It added that merchandise trade surplus is expected to more than halve in 2015, dropping to $49.9bn from $100.6bn in 2014 on lower oil prices.