Reportedly, the OPEC (Organisation of the Petroleum Exporting Countries) is losing its one of the oldest members. The small and gas-rich state of Qatar recently stated that it would exit the oil cartel on January 1, 2019, after almost 60 Years. Qatar Petroleum made the disclosure in a series of tweets.
Saad Sherida al-Kaabi—Qatar’s Minister of Energy—tweeted, “The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production.” Qatar has been below an economic and diplomatic embargo by its Arab neighbors—counting the OPEC members UAE and Saudi Arabia—for the last 18 Months. In response, Qatar has been growing gas production, the foundation of its economy. The OPEC has no role in the natural gas global market. Qatar made no allusion to the disagreement with other Gulf countries in its declaration, highlighting the plans to strengthen its ranking as the leading supplier of gas globally. Its exports presently value for nearly 30% of global demand. Al-Kaabi further stated, “Achieving our striving growth strategy will certainly need focused commitment, attempts, and dedication to continue and strengthen Qatar’s spot as the leading natural gas producer.” Qatar is a trivial player in the OPEC when correlated to several of the association’s biggest producers, like Saudi Arabia and Iraq. Daily, it drains oil about 600,000 barrels per day out of over 27 Million from all the OPEC members.
Recently, the OPEC was also in news for working on an agreement to trim oil output. The OPEC and its associates are working on a deal to lower oil output by minimum 1.3 million barrels a day, sources said, counting that Russia’s confrontation to a chief cut was so far the main shuffling block. The OPEC will meet soon in Vienna—after the talks with associates such as Russia—between a decline in crude prices led by economic weakness worldwide and fears of an oil surplus largely to an elevation in the U.S. production.
Brent, a Bachelor of Commerce degree holder from a reputed university, has completed his 10 Years experience in the economics and banking news publications. He is currently on the verge of carving out his name in the Media Industry News firm. He also excels in penciling down articles related to science, region-specific, and technology news as well. Currently, the year’s of immense editorial knowledge gain is something Brent plans to use to focus on the business sector.