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The Caspian Hare

Qatar to withdraw from OPEC

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The Caspian Hare

https://gulfnews.com/world/gulf/qatar-to-withdraw-from-opec-as-of-jan-2019---minister-1.1543818676811

 

Quote

 

Qatar is to leave OPEC next month to focus on gas production, the country's new Energy Minister Saad Al Kaabi announced in a surprise move on Monday.

Qatar has been a member of OPEC since 1961.

"Qatar has decided to withdraw its membership from OPEC effective January 2019 and this decision was communicated to OPEC this morning," Kaabi said at a Doha press conference.

 

 

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spartan max2

I am not going to act like I know enough about geopolitics to know the implications of this, but this has to be big. From my understanding Qatar sells a significant chunk of the oil in OPEC. 

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Earl.Of.Trumps

I don't get it. They want to concentrate on gas production..? If they have both, why not tool both? Unless they think oil prices are too low in comparison to gas prices. But cutting ties with OPEC is a surprise move. I am sure it makes other members of OPEC happy to see one less producer, though

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Farmer77
3 hours ago, The Caspian Hare said:

Are they looking to join BRICS?

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Gromdor

Sounds like there is additional political factors.  OPEC wants to cut production to raise prices.  Qatar doesn't want to cut it's production.  it also buys US goodwill as Trump (and the rest of the US) wants cheap oil/gas to continue the economic growth we currently have. Qatar has the third largest gas fields behind Russia and Iran.  https://www.wsj.com/articles/qatar-to-leave-opec-as-cartel-pressured-to-cut-production-1543840921

Factor in stuff like the Khashoggi killing and the political dances going around Iran and Russia and I can see them seeing more profit with shifting allegiances from Saudi Arabia more towards Iran.

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DodgyDaoist
18 hours ago, Farmer77 said:

Are they looking to join BRICS?

Emerging markets , as Brazil, China and India are all looking to increase their imports of gas.

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Mr.United_Nations

Is it to do the air blockade?

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RoofGardener
On 04/12/2018 at 2:42 PM, spartan max2 said:

I am not going to act like I know enough about geopolitics to know the implications of this, but this has to be big. From my understanding Qatar sells a significant chunk of the oil in OPEC. 

I dunno Spartan Max... I think it only has about 2% of the worlds oil reserves ??

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