Petroleum is the cornerstone of Qatar's economy and accounts for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. Proved oil reserves of 15 billion barrels (588,000,000 m³) should ensure continued output at current levels for 23 years. Oil has given Qatar a per capita GDP that ranks among the highest in the world. Qatar's proved reserves of natural gas exceed 7000 km³, more than 5% of the world total, third largest in the world. Production and export of natural gas are becoming increasingly important. Long-term goals feature the development of off-shore petroleum and the diversification of the economy.

Qatar is now the richest country in the Muslim world. Current GDP per capita registered a world record-breaking peak growth of 1,156% in the Seventies. This became quickly unsustainable and Qatar's current GDP per capita contracted 53% in the Eighties. But rising global oil demand helped current GDP per capita to expand 94% in the Nineties. Diversification is still a long-term issue for this over-exposed economy.

Qatar (ⁱ/ˈkɑːtɑr/ or ⁱ/kəˈtɑr/;Arabic: قطر‎ [ˈqɑtˤɑr]; local vernacular pronunciation: [ɡɪtˤɑr]), also known as the country or State of Qatar or locally Dawlat Qaṭar, is a sovereign Arab state, located in Western Asia, occupying the small Qatar Peninsula on the northeasterly coast of the much larger Arabian Peninsula. Its sole land border is with Saudi Arabia to the south, with the rest of its territory surrounded by the Persian Gulf. A strait of the Persian Gulf separates Qatar from the nearby island state of Bahrain.

Qatar has been ruled as an absolute monarchy by Al Thani family since the mid-19th century. Formerly a British protectorate noted mainly for pearling, it became independent in 1971, and has become one of the region's wealthiest states due to its enormous oil and natural gas revenues. In 1995, Sheikh Hamad bin Khalifa Al Thani became Emir when he seized power from his father, Khalifa bin Hamad Al Thani, in a peaceful coup d'état. The most important positions in Qatar are held by the members of the Al Thani family, or close confidants of the al-Thani family. Beginning in 1992, Qatar has built intimate military ties with the United States, and is now the location of U.S. Central Command’s Forward Headquarters and the Combined Air Operations Center.