Qatar to base budget on $40 oil price

Qatar

DOHA, November 4, 2020 – Qatar will base its next budget on an oil price of USD 40, Emir Sheikh Tamim bin Hamad Al Thani told the country’s legislative body, the Shura Council, on Tuesday.

The government used a benchmark of USD 55 for its 2020 budget.

Setting the benchmark below expected prices will “avoid negative economic consequences due to oil-price volatility,” the emir said.

H.H. Sheikh Al Thani also revealed that by early indications the country had incurred a budget deficit of only USD 406 million for H1 2020, a figure much lower than expected.

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