Qatar—steady as she goes

Qatar's oil strategy is to stem further production declines, as it tightens its economic belt and keeps the investment focus on natural gas

If a day comes soon, with or without Opec/non-Opec consent, when Gulf oil producers decide to open the taps to the full, Qatar's contribution won't make the headlines. Saudi Arabia, with healthy spare capacity, and Kuwait—hopeful of reclaiming its 250,000-barrels a day Neutral Zone half-share and reaching its long-desired 4m b/d capacity target—are the Gulf's best hopes for adding new crude oil to the market. Since the discovery and spectacular development of Qatar's offshore North Field and the country's meteoric ascent to the peak of liquefied natural gas producers, oil has always been something of a poor relation. In the current climate, with a harsh mixture of relatively low global oil p