12 September 2011
DOHA: Qatar ranked seventh among the countries exporting petrol at cheaper rate while Saudi Arabia and Venezuela ranked first and second respectively, said a study conducted by a British Car Insurance Company "Staveley Head".
DOHA: Qatar ranked seventh among the countries exporting petrol at cheaper rate while Saudi Arabia and Venezuela ranked first and second respectively, said a study conducted by a British Car Insurance Company "Staveley Head".
According to the report, Qatar ranked fifth among the Arab countries that are selling car fuels on lower prices followed by Saudi Arabia, Libya, Bahrain and Kuwait, a local Arabic daily reported yesterday.
Qatar has huge reserve of oil and natural gas and pumps large quantity of petroleum products compared to its populations. According to the report issued by Opec recently, Qatar produces 820,000 barrels of oil daily. Qatar Fuel Company (Woqood) makes about QR2bn profit per annum, making a great contribution to the growth of the country's GDP.
The consumption of petroleum products in the local market are 85,000 barrels per day, with 10 percent annual growth.
© The Peninsula 2011
