Qatar’s hydrocarbon revenues, and those from oil exports in particular, fell sharply in June amid ongoing geopolitical upheaval. Qatar’s 2017 deficit is already on track to exceed the budget figure, weakening revenues would provide a further blow.

Qatari oil and gas export revenues fell to an eight-month low in June, the first month affected by the Saudi-led regional embargo on the emirate. They fell 7.5% to $4.2bn, primarily driven by a fall in crude oil export revenue which...