Qatar Economic Outlook Issue Number 13

Figure 1-1: Supply, consumption and stockpile 
of liquid fuels (MMB/D) and Brent prices
 
 
80.5 
0
10
20
30
40
50
60
70
80
90
100
25
35
45
55
65
75
85
95
105
2017
2019
Feb
Ap
r
Ju
n
Au
g
Oc
t
D
ec
Feb
Ap
r
Ju
n
Au
g
Oc
t
Annual
2020
2021
D
ay
s 
an
d 
U
S$
/b
ar
re
l 
M
illi
on
b
ar
re
l p
er
d
ay
Supply
Consumption
Crude Brent (R-axis)
OECD Inventory (days)
Source: USA EIA, and prepared by PSA (December 

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Part 1: Economic Outlook 2021 - 2023 
23 
 
COVID-19 Implications for the LNG 
Markets
In general, global oil and gas trading, like 
other international economic activities, was 
affected by the repercussions of Covid-19 
containment measures. However, given the 
particular importance of LNG markets to the 
State of Qatar, since its exports of LNG 
products amount to 76% of its total 
hydrocarbon exports, this section will focus 
on the repercussions of COVID-19 on the 
monthly LNG trading markets. 
Globally, Rystad Energy expected, before the 
outbreak of Covid-19, that global gas exports 
would grow by 8% in 2020, but due to 
measures to contain the virus, they only grew 
by 1.4%, rising from 354.7 million tons in 
2019 to 356.1 million tons in 2020. This is 
ascribed to a decline in demand for LNG in a 
number of Asian countries such as Japan, 
China, and South Korea, caused by the 
closure of many economic activities, as well 
as the availability of leftover stocks from 2019 
since the winter was relatively warm.
However, the monthly export data in Figure 
(1-3) showed a decrease from 34 million tons 
in December 2019 to 27 million tons in June 
2020, before stabilizing at this level 
throughout the months of Q3 of 2020 prior to 
gradually rising during Q4 to reach pre-
pandemic levels. Consequently, the monthly 
data shows the resilience of natural gas trade 
and the speed of its response to recovery.