Qatar’s onshore oil price in February marginally increased above its price in January to reach $55.11 per barrel – $10.11 above the $45-per-barrel rate previously approved in the state budget, The Peninsula informed.

Additionally, the value of margin traded in February has decreased to $ 1.57b, according to the government’s data review. In contrast, the market value of all stock shares by the end of February rose by $2.61b to $21.34b, Zawaya reported.

Globally, crude oil prices are expected to average $57 per barrel in 2017 and gradually rise to $85 per barrel  in 2020 as supplies decrease due to the investment cutbacks of the past few years.

The data also showed that following the sharp decline in oil prices, international oil companies had found ways to reduce the costs of field developments by rationalizing engineering plans and lowering contractor and rig rates.