We're quitting OPEC in 2019

04 December, 2018, 00:14 | Author: Kathy Ellis
  • Qatar pulls out of Opec oil producers' cartel

With daily oil production of around 600,000 to 700,000 barrels and a larger natural liquefied gas profile, Qatar has made a decision to exit the Organisation of Petroleum Exporting Countries (OPEC) in 2019, to leverage on growing its LNG portfolio.

Qatar has announced it is pulling out of the Organization of the Petroleum Exporting Countries (Opec) just days before countries in the the oil producing cartel meet in Vienna.

Once close partners with Saudi Arabia and the UAE on trade and security, Qatar has since struck scores of new trade deals with countries further afield while investing heavily to step up food production and military power. However, Qatar has denied all the claims.

Oil prices are facing one of the worst slumps in recent times and producers face the crucial question of how long they can wait before the situation starts to hurt their economies.

Qatar is the 11th-biggest oil producer in OPEC, pumping 610,000 barrels a day in October, less than 2 percent of the group total 33.3 million.

He said geopolitics was not factor in the decision.

"This organization has become useless and adds nothing to us", Sheikh Hamad wrote on Twitter.

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Qatar plans to expand its role as the world's number one exporter of liquefied natural gas and boost production by more than 50 percent to 110 million tonnes a year.

OPEC and Russian Federation, who together produce about 40 percent of the world's oil, this week said they agreed on new oil production cuts to ensure oil price does not drop too much in the coming months. They imposed a trade and travel embargo on Qatar over allegations that it supports terrorism.

"I would like to reaffirm Qatar's pride in its global standing at the forefront of the natural gas producers, and the biggest LNG producer in the world, as the cleanest fossil fuel known to mankind", he said.

Qatar was the first nation outside of its founding members to join the cartel, entering its ranks in 1961.

President Donald Trump repeatedly has criticized both OPEC and US ally Saudi Arabia over rising oil prices in recent weeks, demanding a production increase to drive down USA gasoline prices.

"It could signal a historic turning point of the organisation towards Russia, Saudi Arabia and the United States", said Algeria's former energy minister and Opec chair, Chakib Khelil, commenting on Qatar's move.

Oil prices have fallen more than 25 per cent since climbing to a four-year peak in early October, amid intensifying concerns of oversupply and worries over slowing economic growth.

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