Bloomberg News

Qatar Petroleum Assumes $65 a Barrel Oil in Its 2012 Budget

March 12, 2012

Qatar Petroleum, the Persian Gulf country’s state-run energy company, based its budget for this year on an oil price of $65 a barrel, according to Finance Minister Yousef Kamal.

The cabinet hasn’t yet decided on an oil price for the 2012-2013 fiscal year budget, which is to be released by June, Kamal said at a conference in Doha, the nation’s capital.

Oil and gas exports account for about half of Qatar’s gross domestic product, according to the U.S. Central Intelligence Agency’s World Factbook. The country, the biggest exporter of liquefied natural gas, was the world’s fastest-growing economy for the past two years, International Monetary Fund data showed.

Crude averaged $95.11 a barrel over the past year on the New York Mercantile Exchange. The country based its budget for the year ending this month on a price of $55 a barrel.

The next budget will be bigger than the current one, Kamal said today, without giving details. It’s release was delayed from early April because of accounting changes. The government seeks to keep inflation at 3.5 percent by issuing bonds and treasury bills, Kamal said.

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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