Qatar to leave OPEC group in January 2019

Qatar pulls out of Opec oil producers' cartel

Qatar to leave OPEC in 2019, energy minister says

Qatar's oil production is around 600 000 barrels per day and it is the world's 17th largest producer of crude oil, according to specialist website, world data.info.

Minister of State for Energy Affairs, Saad al-Kaabi, told a news conference that Qatar would still attend the group's meeting on Thursday and Friday this week. Moreover, OPEC only deals with crude oil, not the liquefied natural gas Qatar is better at producing, and the U.S.is a net exporter of liquefied natural gas anyway.

Mr al-Kaabi said Qatar was planning to ramp up its LNG operations as demand grows thanks to its less harmful environmental impact when compared to oil.

The jump in oil prices also comes ahead of a meeting this week of the producer club the Organization of the Petroleum Exporting that is expected to cut supply.

Currently, Opec has 15 member countries: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Republic of Congo, Saudi Arabia, the UAE and Venezuela.

There was no immediate comment from Vienna-based Organization of Petroleum Exporting Countries, which is to meet this month and discuss possible production cuts.

Tensions have been mounting in the region in which Saudi Arabia imposed a boycott in June 2017 over claims that Doha supported terrorism, which Doha denied.

Putin says no talks with Ukraine about release of sailors
Russian Federation charged that the three Ukrainian navy ships sailed into its territorial waters in the Kerch Strait Nov. 27. Putin said that Ukrainian Navy boats had illegally crossed into Russian waters last week and drew a diagram of the violation.

This story has been corrected to show that the name of the minister is Saad Sherida al-Kaabi.

Qatar was the first nation outside of its founding members to join the cartel, entering its ranks in 1961.

Naeem Aslam, an analyst at online broker ThinkMarkets.com, told The Guardian that the other 14 members of OPEC had not assessed the full impact of Qatar's exit.

One reason for the gain was the weekend announcement that China would substantially increase its purchases of energy, industrial and agricultural products from America, and President Trump would put on hold his plans to increase tariffs on Chinese goods, including iPhones and laptops.

Its biggest contributor, Saudi Arabia, now extracts 11 million per day.

Brent for February settlement rose 2.8 per cent to US$61.11 on London's ICE Futures Europe exchange, and was at an US$8.44 premium to WTI for the same month. But the move also draws another line of division with Saudi Arabia, the only country with which Qatar shares a land border.

Saudi Arabia, the UAE, Egypt and Bahrain started boycotting Qatar a year ago, accusing Doha of funding militants across the Middle East and fostering ties with Iran, charges that Qatar denies. As Kenyon says, "reports from Moscow indicate that Russian leader Vladimir Putin is willing to extend their agreement, known as 'OPEC Plus, ' aimed at managing oil production".

Latest News