Qatar Economic Review 2006(September) - QNB

Oil Production, Price and Exports:Qatar’s oil production increased by an average of 26,000 bpd during the first half of 2006, to average805,000 bpd, compared to 779,000 bpd produced in the year 2005. Qatar’s oil production has increasedfrom an average of 681,000 bpd in 2001, to an average of 805,000 bpd during the first half of 2006 (Fig 3.2),according to figures obtained from Middle East Economic Survey (MEES). In 2005, Qatar’s oil productionincreased by 2.6% to average 779,000 bpd, compared to an average of 759,000 bpd produced in 2004.Qatar’s oil price has almost trebled to average $63.0 p/b during the first half of 2006, compared toan average of $23.6 p/b in the year 2001 (Fig 3.3), according to MEES. During the first half of 2006,Qatar’s oil price increased by 21.9% to average $63.0 p/b, compared to an average of $51.7 p/b in theyear 2005. Qatar’s oil prices are based on the average of a basket of two crudes, mainly Dukhan andMarine.Figure 3.2Qatar’s crude oilproduction(000 bpd)Figure 3.3Qatar’s crudeoil price($ p/b) Source: Middle East Economic Survey.Qatar’s crude oil exports are directed mainly towards the Asian markets, with the region accounting foraround 96.0% of the total oil exports in 2005. In 2005, Japan received 60.0% of Qatar’s total oil exports,followed by Singapore with 16.0%, South Korea with 13.0%, Thailand with 3.0%, Taiwan with 2.0%,and Philippines with 2.0% (Table 3.4). In 2004, Japan received 50.6% of Qatar’s total crude oil exports,followed by Singapore with 17.1%, South Korea with 9.7%, Thailand with 4.6%, and India with 3.9%.Table 3.4Destination of Qatar’sCrude Oil Exports(2005)Country% ShareJapan 60.0%Singapore 16.0%South Korea 13.0%Thailand 3.0%Taiwan 2.0%Philippines 2.0%Other Countries 4.0%Total 100.0%Source: Qatar Petroleum.KEY ECONOMIC SECTORS 17