Qatar’s economy relies on gas and oil which contributes for nearly 50% of the country’s GDP, 70% of the revenue of government and 85% of export earnings. The sector of oil and gas has provided the Qatar with higher and one of the fastest growing per capita income country in the past few years. The increase in exports of natural gas and sustainable high prices of oil until 2008 have assisted the economy in developing trade surpluses, foreign reserves, and budget. Currently, the country possesses nearly 15.21 billion barrels of crude oil reserves that represent approximately 3.2% of the oil reserves of GCC and nearly 1.1% of the oil reserves of the world. Qatar produces nearly 776 thousand barrels of oil each day and this current level of production is estimated to last for 54 years. When it comes to natural gas, the country is richest if all in the GCC countries. At the end of 2008, its natural gas reserves stood at 25.56 trillion cubic meters, representing nearly 61% of the entire GCC natural gas reserves and nearly 14% of the world’s natural gas reserves. In the GCC region, the country can be called as one of the most stable countries, given its prudent macroeconomic management and combination of natural resources.
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