Crude Oil Prices Drop Further on 5 November
Crude oil prices have fallen below $82 a barrelReuters

Qatar's Emir has said that the slide in oil prices will have no impact on the country's economy, due to the conservative budget it operates.

Reuters reports that Sheikh Tamim bin Hamad al-Thani told a session of the country's advisory council this morning (11 November): "Dear brothers, we are currently facing a decline in the price of oil and fuel..."

He added: "I just would like to emphasise here that our economy is strong and solid, (and) will not be affected by such developments, and our budget is based on a very conservative estimate of the price of fuel."

The statement comes a day after Standard & Poor's, the ratings agency, said that of the Gulf states, Qatar and the UAE are least vulnerable to price shocks, while Oman and Bahrain are most at risk.

Over the five years to 2013, hydrocarbons accounted for 60% of the Qatari government's total revenues, with oil and natural gas adding 57.8% to its GDP in 2012, according to the US Energy Information Administration (EIA).

It produced 730,000 barrels of crude oil per day in 2013 – a substantial amount, but a fraction compared to the natural gas which the Gulf nation produces.

Oil prices fell to under $75 per barrel on 10 November, with analysts warning that if the price goes under $70 per barrel, an OPEC would need to cut production in order to arrest the slide in prices.

However, according to EIA data, Qatar's budget for 2012-13 assumed an oil export price of $65 per barrel – even when its average export price was almost reaching $110 per barely.