Qatar’s oil revenues soared in Q1 thanks to higher oil prices and the start-up of a new condensate splitter. Gas revenues also grew despite key LNG clients cutting back. But none of this was enough to prevent a Moody’s downgrade.

The latest trade figures from Qatar indicate that its hydrocarbon exports have got off to a strong start in 2017 with Q1 revenues up some 25% year-on-year at $13.8bn (see charts 1 & 2). But ratings agency Moody’s swiftly took the shine off of...