Gulf nation
Qatar has revealed its plans to withdraw from the Organization of the
Petroleum Exporting Countries (OPEC), putting an end to its 57-year
membership of the producers’ cartel.
Qatar has revealed its plans to withdraw from the Organization of the
Petroleum Exporting Countries (OPEC), putting an end to its 57-year
membership of the producers’ cartel.
The country’s Minister of
State for Energy Affairs, Saad Sherida Al-Kaabi, said that the
country would withdraw from OPEC effective January 1, 2019.
State for Energy Affairs, Saad Sherida Al-Kaabi, said that the
country would withdraw from OPEC effective January 1, 2019.
He explained that the withdrawal
decision “reflects
Qatar’s desire to focus its efforts on plans to develop and increase its
natural gas production from 77 million tons per year to 110 million tons in the
coming years.”
decision “reflects
Qatar’s desire to focus its efforts on plans to develop and increase its
natural gas production from 77 million tons per year to 110 million tons in the
coming years.”
Qatar’s move to leave the
organization of 15 oil-producing countries was announced at a press conference
in Doha on December 3, ahead of the December 6 OPEC meeting.
organization of 15 oil-producing countries was announced at a press conference
in Doha on December 3, ahead of the December 6 OPEC meeting.
“Qatar has worked diligently
during the past few years to develop a future strategy based on growth and
expansion, both in its activities at home and abroad.”
during the past few years to develop a future strategy based on growth and
expansion, both in its activities at home and abroad.”
“Achieving our ambitious growth
strategy will undoubtedly require focused efforts, commitment and dedication to
maintain and strengthen Qatar’s position as the leading natural gas producer,” Al-Kaabi concluded.
strategy will undoubtedly require focused efforts, commitment and dedication to
maintain and strengthen Qatar’s position as the leading natural gas producer,” Al-Kaabi concluded.
Qatar, the first Gulf country to
leave the group of oil-producing countries, joined the organization in 1961,
one year after OPEC was established.
leave the group of oil-producing countries, joined the organization in 1961,
one year after OPEC was established.
“The news should not come as a
huge surprise. Qatar is OPEC’s smallest Middle East oil producer, and the
group’s fifth smallest producer overall. Its total 2018 oil production is estimated
at 600,000-650,000 barrels per day, less than 2% of OPEC’s oil output,” Lynn Morris-Akinyemi, research analyst, MENA upstream, at Wood
Mackenzie, said.
huge surprise. Qatar is OPEC’s smallest Middle East oil producer, and the
group’s fifth smallest producer overall. Its total 2018 oil production is estimated
at 600,000-650,000 barrels per day, less than 2% of OPEC’s oil output,” Lynn Morris-Akinyemi, research analyst, MENA upstream, at Wood
Mackenzie, said.
It is therefore expected that the
country’s exit would not affect the volume of oil supply in the market during
2019 or risk OPEC’s goal of reducing output next year, according to Ann-Louise
Hittle, vice president, macro oils.
country’s exit would not affect the volume of oil supply in the market during
2019 or risk OPEC’s goal of reducing output next year, according to Ann-Louise
Hittle, vice president, macro oils.
World Maritime News
