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Qatar posts 2022 budget surplus of $24.34bn
Major fossil fuel producers Saudi Arabia, Russia and China oppose the goal of tripling renewable energy capacity this decade

Qatar had a budget surplus of QR89 billion ($24.34 billion) in 2022, the state news agency has reported, citing the finance ministry, a massive increase from 2021 as high oil and gas prices significantly boosted public revenue.

In 2021 the budget surplus was QR1.59 billion, according to Moody’s citing finance ministry figures.

For 2023, Qatar anticipates a budget surplus of QR29 billion, finance minister Ali bin Ahmed Al Kuwari was quoted as saying in December, which he attributed to an estimated 16.3 percent rise in revenue, thanks to rising average oil prices.

The Gulf Arab state, which hosted the soccer World Cup during the fourth quarter of 2022, is one of the world’s largest exporters of natural gas and has benefited from huge windfalls from soaring global oil and gas prices.

Qatar’s oil and gas revenues surged 67 percent in the first half of 2022 compared with the same period in 2021 and prices remained high for the balance of the year.

Al Kuwari told CNN’s Richard Quest at the World Economic Forum at Davos in January that Qatar has transferred its budget surplus to Qatar Investment Authority for investment as part of its diversification programme.

“We have a very clear and very disciplined fiscal policy framework. This is already approved by the government. And this is deciding how we deal with surpluses,” he stated.