“Qatar is the largest exporter of liquefied natural gas (LNG) in the world, and the country’s exports of LNG, crude oil, and petroleum products provide a significant portion of government revenues. Like many of its neighbors, Qatar relies on its energy sector to support its economy. According to the Qatar National Bank (QNB), Qatar’s earnings from its hydrocarbons sector accounted for 60% of the country’s total government revenues over the past five fiscal years (through fiscal year 2012-13). The U.S. Energy Information Administration (EIA) estimates that Qatar earned $55 billion from net oil exports in 2012, and QNB estimates that the oil and natural gas sector of Qatar accounted for 57.8% of the country’s gross domestic product in 2012. Qatar was the world’s fourth largest dry natural gas producer in 2012 (behind the United States, Russia, and Iran), and has been the world’s leading liquefied natural gas (LNG) exporter since 2006. Qatar is also at the forefront of gas-to-liquids (GTL) production, and the country is home to the world’s largest GTL facility. The growth in Qatar’s natural gas production, particularly since 2000, has also increased Qatar’s total liquids production, as lease condensates, natural gas plant liquids, and other petroleum liquids are a significant (and valuable) byproduct of natural gas production. Qatar produced nearly 1.6 million barrels per day (bbl/d) of liquid fuels (crude oil, condensates, natural gas plant liquids, gas-to-liquids, and other liquids) in 2013, of which 730,000 bbl/d was crude oil and the remainder was non-crude liquids. While Qatar is a member of the Organization of the Petroleum Exporting Countries (OPEC), the country is the second-smallest crude oil producer among the 12-member group. Natural gas meets the vast majority of Qatar’s domestic energy demand, so the country is able to export most of its liquid fuels production. Given its small population, Qatar’s energy needs are met almost entirely by domestic sources. Qatar’s fiscal year 2012-13 budget assumed an oil export price of $65 per barrel, and with the average export price of the country’s Qatar Land export stream averaging nearly $110 per barrel over that period, the government earned significantly higher revenues than expected.”