Qatar forecasts $12.77b budget deficit

AFP, DOHA: Energy-rich Qatar has forecast a budget deficit of more than $12 billion in 2016, citing a sharp drop in oil and gas prices, local media reported Tuesday.
The host of the 2022 World Cup said it expected to be short of 46.5 billion riyals ($12.77 billion) next year and that revenues were likely to fall to 156 billion riyals (42.85 billion), compared with 226 billion riyals in 2015.
The budget was calculated at an oil price of $48 per barrel, much higher than the current rate of around $35 per barrel.
Oil prices have fallen from more than $100 a barrel in July 2014 due to high output from the US and key Middle Eastern oil producers.
Expenditure in Qatar, the world's largest exporter of liquified natural gas, is forecast to stand at 202.5 billion riyals, down from 218 billion riyals last year, state news agency QNA said.

Qatar forecasts $12.77b budget deficit

AFP, DOHA: Energy-rich Qatar has forecast a budget deficit of more than $12 billion in 2016, citing a sharp drop in oil and gas prices, local media reported Tuesday. The host of the 2022 World Cup said it expected to be short of 46.5 billion riyals ($12.77 billion) next year and that revenues were likely to fall to 156 billion riyals (42.85 billion), compared with 226 billion riyals in 2015. The budget was calculated at an oil price of $48 per barrel, much higher than the current rate of around $35 per barrel. Oil prices have fallen from more than $100 a barrel in July 2014 due to high output from the US and key Middle Eastern oil producers. Expenditure in Qatar, the worlds largest exporter of liquified natural gas, is forecast to stand at 202.5 billion riyals, down from 218 billion riyals last year, state news agency QNA said.