Qatari crude oil prices average $80.83/b from January to August: QNBFS

Qatari crude oil prices, both Dukhan and Marine, increased by 7.7% to average $86.62/barrel in August, indicated QNB Financial Services (QNBFS) calculations based on Bloomberg data.This compares with $80.45/b in July, QNBFS said on Monday.Qatari crude oil prices averaged $80.83/b for the year 2023 as at month-end August, QNBFS said citing Bloomberg data.Qatar’s budget for the current fiscal is heading towards a surplus, probably higher than envisaged, as Qatari crude averaged $80.83 per barrel from January to August in place of the budgeted $65 per barrel for fiscal 2023.Earlier, the Ministry of Finance estimated the budget surplus at QR29bn for the entire 2023.Qatari crude (including Dukhan and Marine) averaged $83.61 per barrel in January this year, $83.52/b (February), $75.80/b (March), $84.59/b (April), $76.13/b (May), $75.94/b (June), and $80.45/b (July).In the first quarter (Q1) of this year, Qatar already generated budget surplus of QR19.7bn, the Ministry of Finance revealed in June.In its briefing on the actual data of Qatar's budget in Q1 of 2023, the ministry said the total revenues for the quarter amounted to QR68.6bn, of which QR63.4bn were oil and gas revenues, while non-oil revenues amounted to QR5.2bn.The total expenditures in the same quarter of 2023 amounted to QR48.9bn, of which QR15.6bn was spent on salaries and wages and QR17.3bn on current expenses, while secondary capital expenditures amounted to QR1bn and major capital expenditures amounted to QR15.1bn, the statement noted.While releasing Qatar's budget for the fiscal year 2023, HE the Minister of Finance Ali bin Ahmed al-Kuwari had said the surplus would be directed towards paying off Qatar's public debt, supporting the reserves of Qatar Central Bank, and increasing the capital of the Qatar Investment Authority.He pointed out that an average oil price of $65 per barrel, on the basis of which the general budget for the year 2023 was built, is a conservative price adopted by the Ministry of Finance as part of its strategy to ensure the ability to allocate financial resources for existing commitments expected during the year, besides financing programmes and projects included in the national development strategy.