Qatar leaves Opec oil group to focus on gas

03 December, 2018, 22:44 | Author: Shannon Aguilar
  • US-China trade truce gives global stocks and oil a big lift

He stressed that Doha would continue to abide by all its commitments like any other non-OPEC oil producer.

Saudi Arabia, facing pressure from Washington over the Khashoggi killing and in line with Trump's wishes to keep prices low to keep his voter base happy, ramped up production to cool the market.

This double-header has already given the crude oil market a bit of impetus: The price of a barrel of oil has risen 5% since the weekend, and is expected to climb even further when OPEC meet to discuss these changes on Wednesday.

"In the end, perhaps you can do without it".

Qatar says it is quitting the Organization of the Petroleum Exporting Countries (OPEC) from January 2019 to focus on exports of liquefied natural gas (LNG). "Our potential is gas". In the year to September 2018, the US only imported an average of 543,000 barrels per day of crude oil and other petroleum products.

Qatar is leaving the Organisation of the Petroleum Exporting Countries, or OPEC, the first Gulf country to pull out since joining more than half a century ago.

Also adding the bid tone are expectations that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russian Federation would announce supply cuts this week to rein in supply overhang. Oil prices surged on Monday after the United States and China agreed a 90-day truce in their trade war at a weekend meeting of the G20 nations in Argentina.

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Amrita Sen, chief oil analyst for Energy Aspects consultants, argued the move would have limited impact. OPEC nations like Ecuador, Gabon and Indonesia have either withdrawn or suspended their membership in the past, only later to rejoin.

"Its oil production has been steady with limited prospects for increases".

The tense relationship between Qatar and its big brothers - Saudi Arabia and the United Arab Emirates (UAE) - had come unstuck back in June 2017 when Doha came under an unprecedented blockade orchestrated by Riyadh.

They are accusing Qatar of supporting terrorism. Qatar has said the boycott is damaging for its national sovereignty and has denied the claims.

But researcher Bros argued that Qatar's departure would weaken OPEC at a moment when Riyadh is battling worldwide outcry over the murder of journalist critic Jamal Khashoggi.

Not getting involved in policies that support Iran's destabilizing agenda for the region and greater coordination in dealing with Yemeni and Libyan issues was also agreed to by the two countries, the Arab Weekly said, citing sources.

Qatar is a minnow in oil and a giant in natural gas.


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