Qatar’s export revenues rose to their highest level since 2Q 2015 in the first quarter of the year on the back of rising oil prices. Q1’s $19.6bn earnings represented a 20% year-on-year increase. Hydrocarbons accounted for 86% of the total.

Crude exports dipped 17% quarter-on-quarter despite Qatari crude prices being up 9% and export volumes being the highest since 3Q 2016. Meanwhile refined products, excluding LPG, dipped slightly in terms of volume and value.

The key driver...