Qatar Oil Production 2011 - 2021

Rifat Emam
December 14, 2023

Submitted as coursework for PH240, Stanford University, Fall 2023

Introduction

Fig. 1: Fig. 1: Graph of total oil value for each year, from Table 1. (Image Source: R. Emam)

Qatar is often considered as an insignificant country in the middle east due to its size. However, Qatar has been using its economic resources to set itself up on the world stage. While Qatar does possess a lot of these reserves, the reserves are not infinite. Overall, Qatar oil production has decreased during the period from 2011 - 2021. Oil production in Qatar has decreased slightly over the past decade. [1] To calculate the oil production per year, we are going to multiply the number of barrels produced per day by the number of days per year. To calculate the price of crude oil production over the previous decade, we are going to multiply the number of oil barrels produced per day(in thousands) by 365 days. Then, we are going to multiply this number by the price of an oil barrel. [1]

Analysis

Within the region, Qatars oil production has shown an overall decrease similar to Saudi Arabia, Iran, Kuwait, Syria, Yemen, and other countries. However, countries such as Iraq, Oman, United Arab Emirates have increased in oil production during the period from 2011-2021. [1] Based on the data, we can clearly see that the value of Qatar oil production has fluctuated significantly during the past few years. Although the value has slowly begun to increase over the past few years, it has still not reached the value that it had started in 2011. However, the number of barrels produced has been quite consistent since 2011. The fluctuations in value are due to economic and geopolitical events that have happened across the world. This can be clearly seen during the year 2021 where there was a significant increase in the price of oil. [1] It is also necessary to consider that Qatar is a part of the Organization of the Petroleum Exporting Countries(OPEC). To increase the price of oil, Qatar negotiated production cuts.

Year Production Price Total Value % Change from
Previous Year
2011 6.7 × 108 bbl y-1 $95.04 bbl-1 $6.37 × 1010 y-1 N/A
2012 6.8 × 108 bbl y-1 $94.13 bbl-1 $6.40 × 1010 y-1 +.471%
2013 6.9 × 108 bbl y-1 $97.99 bbl-1 $6.76 × 1010 y-1 +5.63%
2014 6.9 × 108 bbl y-1 $93.28 bbl-1 $6.44 × 1010 y-1 -4.73%
2015 6.6 × 108 bbl y-1 $48.71 bbl-1 $3.21 × 1010 y-1 -50.2%
2016 6.5 × 108 bbl y-1 $43.24 bbl-1 $2.81 × 1010 y-1 -12.5%
2017 6.4 × 108 bbl y-1 $50.79 bbl-1 $3.25 × 1010 y-1 +15.7%
2018 6.5 × 108 bbl y-1 $65.20 bbl-1 $4.24 × 1010 y-1 +30.5%
2019 6.3 × 108 bbl y-1 $57.03 bbl-1 $3.59 × 1010 y-1 -15.3%
2020 6.3 × 108 bbl y-1 $39.25 bbl-1 $2.47 × 1010 y-1 -31.2%
2021 6.4 × 108 bbl y-1 $68.10 bbl-1 $4.36 × 1010 y-1 +76.5%
Table 1: Qatar Oil Production Value 2011 - 2021. [1]

© Rifat Emam. The author warrants that the work is the author's own and that Stanford University provided no input other than typesetting and referencing guidelines. The author grants permission to copy, distribute and display this work in unaltered form, with attribution to the author, for noncommercial purposes only. All other rights, including commercial rights, are reserved to the author.

References

[1] "BP Statistical Review of World Energy 2022," British Petroleum, June 2022, pp. 16 - 22.