How did the discovery of oil change qatar?

Ambox current red.svgThis article is outdated. Please update this article to reflect recent events or newly available information. (April 2016)Economy of Qatar [1]Doha skyline in the morning (12544910974).jpgDoha, financial centre of Qatar.CurrencyQatari riyalTrade organisationsOPEC, WTOStatisticsGDPIncrease $324.2 billion (PPP; 2015 est.)GDP rank52GDP growthIncrease 4.7% (2015 est.)GDP per capitaIncrease $145,000 (PPP; 2015 est.)GDP by sectorAgriculture (0.1%), Industry (58.8%), Services (41.1%) (2015 est.)Inflation (CPI) 1.6% (2015 est.)Population below poverty line0%[2]Labour forceIncrease 1.64 million (2015 est.)UnemploymentSteady 0.4% (2015 est.)Main industriesLNG and GTL Production, Crude Oil Production and Refining, Ammonia, Fertilizers, Petrochemicals, Steel Reinforcing Bars, Cement, Commercial Ship RepairEase-of-doing-business rank40th[3]ExternalExportsDecrease $77.74 billion (2015 est.)Export goodsLiquefied Natural Gas, Petroleum Products, Fertilizers, SteelMain export partners Japan 25.3% South Korea 18.8% India 12.7% China 7.7% Singapore 6.2% United Arab Emirates 5.1% (2014 est.)[4]ImportsDecrease $37.15 billion (2015 est.)Import goodsMachinery and Transport Equipment, Food, ChemicalsMain import partners United States 11.5% China 10.6% UAE 8.2% Germany 7.1% Japan 6.4% United Kingdom 5.5% Italy 4.9% Saudi Arabia 4.6% (2014 est.)[5]Gross external debt$82.05 billion (31 December 2011 est.)Public financesPublic debtNegative increase 39.9% of GDP (2015 est.)Revenues$77.22 billion (2015 est.)Expenses$68.65 billion (2015 est.)Credit ratingStandard & Poor's:[6]AA (Domestic)AA (Foreign)AA+ (T&C Assessment)Outlook: Stable[7]Moody's:[7]Aa2Outlook: StableMain data source: CIA World Fact BookAll values, unless otherwise stated, are in US dollars.
Qatar Export Treemap
Map showing the mineral resources of Qatar.Petroleum and liquefied natural gas are the cornerstones of Qatar's economy and account 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 and the third-largest reserves of any country in the world. Production and export of natural gas are becoming increasingly important. Long-term goals include the development of off-shore petroleum and the diversification of the economy.
Contents  [hide] 1Macro-economic trend2Energy sector3Industry4Financial sector4.1Islamic finance4.2Capital market5Tourism6Transport7See also8References9External links

Ok the dude above clearly knows nothing what hes saying so ill word it in human. It basically allowed the country to gain immense wealth and trade power. Oil=money