Qatar to withdraw from OPEC amid strain with Saudi Arabia

Dec 04, 2018, 10:14 IST | Agencies

Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below USD 30 a barrel

Qatar to withdraw from OPEC amid strain with Saudi Arabia
Saad Sherida al-Kaabi

The tiny, energy-rich Arab nation of Qatar announced on Monday it would withdraw from OPEC. The surprise announcement from Qatar's minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below USD 30 a barrel.

It also marks the first time a Mideast nation has left the cartel since its founding in 1960. In a statement, al-Kaabi said Qatar, the world's largest exporter of liquified natural gas, planned to increase its exports from 77 million tons of gas per year to 110 million tons. 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.

"In light of such efforts and plans, and in our pursuit to strengthen Qatar's position as a reliable and trustworthy energy supplier across the globe, we had to take steps to review Qatar's role and contributions on the international energy scene," al-Kaabi said in a statement. There was no immediate comment from Vienna-based OPEC, which is to meet this month and discuss possible production cuts.

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