Qatar Investment Authority Benefits from Higher Oil Prices, Q1 Surplus for Qatar
Posted on 06/05/2023
Qatar’s Ministry of Finance disclosed a budget surplus of 19.7 billion Qatari riyals in the first quarter of 2023, according to Qatar News Agency. Total revenues for Q1 2023 were pegged at 68.6 billion Qatari riyals, of which 63.4 billion were oil and gas revenues, the Qatar News Agency statement said. This is while non-oil revenues amounted to 5.2 billion Qatari riyals. Spending in Q1 stood at 48.9 billion Qatari riyals.
Qatar rides with the world’s top exporters of liquefied natural gas. The State of Qatar had forecast a budget surplus of 29 billion Qatari riyals for the entire 2023.
Qatar based its budget for this year on an oil price of U S$65 per barrel, but the actual average oil price over the first quarter was US$ 82.2 per barrel, resulting in higher revenue.
The budget surplus is expected to go towards repaying Qatar’s public debt, growing central bank reserves, and increasing the capital of the Qatar Investment Authority, the state sovereign wealth fund.