Economy

Qatar announces pullout from OPEC in 2019

Qatar announces pullout from OPEC in 2019”

The minister said the decision was not easy as Qatar has been in Opec for 57 years, but that the country's impact on Opec production decisions was small.

Qatar is to pull out of Opec after almost 60 years of membership of the oil cartel, but will attend a meeting this week that will discuss cutting output.

Opec is expected to cut oil supply at this week's meeting.

"Qatar is proud in its worldwide standing at the forefront of natural gas producers, and as the biggest exporter of LNG - the cleanest fossil fuel, which has given Qatar a strong and resilient economy", Qatar Petroleum also quoted Kaabi as saying.

Minister of State for Energy Affairs, HE Saad Sherida Al-Kaabi announced Qatar's withdrawal from OPEC at a press conference in Doha and said the organization was informed. "I assure you this purely was a decision on what's right for Qatar long term". He also said Qatar wants to raise its oil production from 4.8 million barrels of oil equivalent a day to 6.5 million barrels.

Al-Kaabi said that Qatar made a decision to pull out this calendar year as to not be an OPEC member in 2019.

Qatar joined OPEC in 1961, one year after the organisation's establishment.

"Qatar is proud in its global standing at the forefront of natural gas producers, and as the biggest exporter of [the liquid natural gas] LNG - the cleanest fossil fuel, which has given Qatar a strong and resilient economy".

"Basically, Qataris have brought the biggest weapon out and it only means more instability between the Qatari and Saudi relationship", Naeem Aslam, chief market analyst at ThinkMarkets, told The National.

Currently, Opec has 15 member countries: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Republic of Congo, Saudi Arabia, the UAE and Venezuela. "This has jolted the price of oil higher especially the fact that Canada's largest oil-producing province is curbing the output".



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