Oil producers discuss Qatar move to quit OPEC due to rift with Saudi Arabia

Written by  Published by:Shiite News
Published in Rest of World
Tuesday, 04 December 2018


Qatar announced leaving OPEC in January, shaking up the alliance of oil-producing nations and furthering its dispute with Saudi Arabia while Russian Energy Minister Alexander Novak said that the Organization of the Petroleum Exporting Countries (OPEC) and other leading oil producers will on discuss Qatar’s move to leave the group on Wednesday.

Qatar's exit from the Organization of Petroleum Exporting Countries will become official on Jan. 1, 2019, Kaabi said at a news conference in Doha on Monday. The country will still attend the group's winter meeting in Vienna, which is scheduled to begin on Thursday.
Qatar joined OPEC in 1961, one year after the group was founded in Baghdad. OPEC currently has 15 members, including Saudi Arabia's rival, Iran.
At the start of 2018, OPEC members controlled 82 percent of the world's crude oil reserves, the group said. Qatar accounted for about 2 percent of that total.
Kaabi described the withdrawal from OPEC as purely a business move, saying Qatar wants to boost its natural gas production from 77 million tons yearly to 110 million tons.

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OPEC and other global oil producers are holding meetings in Vienna later this week to decide on future strategies for the oil market. Novak declined to reply to questions about possible production cuts.
Qatar's Energy Minister Saad al-Kaabi said the small Persian Gulf country will leave OPEC because it wants to focus on natural gas — a sector in which Qatar is a world leader. But the move also draws another line of division with Saudi Arabia, the only country with which Qatar shares a land border.
Saudi Arabia cut diplomatic ties with Qatar in June of 2017 in a dramatic move that was matched by Egypt, the United Arab Emirates and others. Since then, Saudi Arabia has maintained a boycott against Qatar, a country that has sometimes pursued its own foreign policy goals against the will of its fellow Sunni states.
"Riyadh made a series of demands aimed at reining in its ambitious smaller neighbor, including that Qatar close down the Al Jazeera news channel," as NPR's Peter Kenyon reports. Other complaints have centered on Qatar's support for the Arab Spring uprisings and its relationships with Iran — a country with which it shares a gas field in the Persian Gulf. Qatar and Saudi Arabia are allies of United States and Iran is not.
Qatar's exit from the Organization of Petroleum Exporting Countries will become official on Jan. 1, 2019, Kaabi said at a news conference in Doha on Monday. The country will still attend the group's winter meeting in Vienna, which is scheduled to begin on Thursday.
Qatar joined OPEC in 1961, one year after the group was founded in Baghdad. OPEC currently has 15 members, including Saudi Arabia's rival, Iran.
At the start of 2018, OPEC members controlled 82 percent of the world's crude oil reserves, the group said. Qatar accounted for about 2 percent of that total.
Kaabi described the withdrawal from OPEC as purely a business move, saying Qatar wants to boost its natural gas production from 77 million tons yearly to 110 million tons.

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