Qatar Pulls Out Of OPEC

3rd December 2018

Analysts believe Qatar's withdrawal from OPEC may not have any lasting impact on the price of oil as it a relatively small producer.

Qatar has announced it is pulling out of the OPEC (Organization of the Petroleum Exporting Countries), just days before the group meets in Vienna.

Qatar, which has been a member of OPEC since 1961, said it would leave the cartel in January and would focus on gas production.

Explaining Qatar's decision, Energy Minister Saad al-Kaabi said: "We don't have great potential (in oil), we are very realistic. Our potential is gas." Indeed, Qatar is the world's biggest exporter of liquefied natural gas.

Analysts believe Qatar's withdrawal from OPEC may not have any lasting impact on the price of oil as it a relatively small producer.

But this week's meeting of Opec is being closely watched by markets for any agreement over cuts to production after the oil price fell sharply in November.

Qatar’s exit leaves OPEC with 14 member countries: founder members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, which signed the founding agreement in 1960, as well as Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea, and Congo, which became a member this year.


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