Qatar’s crude oil production increased to 692,000 bpd in February 2016, compared with 637,000 bpd in January, QNB has said in a new report
Brent crude oil prices picked up to US$39.6 a barrel at the end of March this year compared to US$36 a month earlier, according to Qatar Monthly Monitor.
QNB expects oil prices to stabilise as excess supply in the global market is reduced by both higher demand and production cuts among high-cost producers, such as US shale oil producers. The report showed Qatar’s international reserves were stable at US$36.7bn in February 2016 compared to the previous month. In months of prospective import cover, international reserves were also stable at 6.3 months of imports from a month earlier.
“We expect international reserves to stabilise going forward as oil prices recover,” QNB said. Qatar’s trade surplus stabilised at US$2bn in February compared to a month earlier, but was down US$4.4bn relative to a year earlier. The year-on-year decline was due to the fall in exports, which fell by 32.5 per cent year-on-year on lower oil prices, while imports rose by 3.5 per cent over the same period.
“We expect the merchandise trade surplus to rise in 2016 as oil prices recover,” QNB noted.
