business<\/a> but it is controlled by an organization managed by a country.\u201d<\/p>\nThe decision comes before an exporters meeting this week. Qatar confirmed that it will however be present at the group meeting on December 5 and 6, 2018 and would fulfill all its commitments.<\/p>\n
The meeting is expected to back a supply cut to shore up crude price that lost almost 30 percent since October-peak.<\/p>\n
Al-Kaabi also said that he communicated to OPEC regarding Qatar\u2019s exit.<\/p>\n
A Deteriorating Scenario<\/strong>
\nDelegates at 15 member-OPEC have tried to keep the situation normal. However, losing a long-standing member at a time to show a unified front in the face of a crisis will be of no avail.<\/p>\nQatar\u2019s OPEC exit signals the growing dominance over policy making in Saudi Arabia, Russia and US markets, the world\u2019s top three oil producers.<\/p>\n
Meanwhile, Riyadh and Moscow are under US President Donald Trump\u2019s constant pressure to bring down prices and are unceasingly deciding output policies towards the same.<\/p>\n
It could signal a historic turning point of the organization towards Russia, Saudi Arabia and US,\u201d said Chakib Khelil former Algeria Energy Minister and OPEC Chairman, while commenting on Qatar\u2019s decision.<\/p>\n
Adding further Khelil said, Doha\u2019s exit would leave a psychological impact yet be an example to other members in the face of Saudi Arabia\u2019s unilateral decisions.<\/p>\n
Earlier in June 2017, OPEC members Saudi Arabia, UAE and fellow Arab states Bahrain and Egypt boycotted Qatar economically and politically on grounds of terrorism.<\/p>\n
Doha denied the charges and said that the collective move is to impinge its sovereignty.<\/p>\n
What Experts Say?<\/strong>
\n\u201cThey are not a big producer but have played a big part in its (OPEC) history,\u201d said an OPEC source.<\/p>\nWhen a non-Gulf OPEC source was asked if Qatar\u2019s exit would complicate OPEC\u2019s decision this week, he said, \u201cNot really, even if it\u2019s a regrettable and sad decision from one of our member countries.\u201d<\/p>\n
\u201cQatar\u2019s withdrawal doesn\u2019t affect Opec\u2019s ability to influence as Qatar was a very small player,\u201d said Amrita Sen<\/span>, Chief Oil Analyst, Consultancy Energy Aspects.<\/p><\/blockquote>\nQatar’s Ambitious Future Plans<\/strong>
\nQatar aims to double its LNG production to 110 million tons by 2024 and increase its petroleum production capability from 4.8 million barrels to 6.5 million barrels per day, in the next decade. It also plans to build the largest ethane cracker in the Middle East.<\/p>\n\u201cA lot of people will politicize it,\u201d Al-Kaabi said. \u201cI assure you this purely was a decision on what\u2019s right for Qatar long term. It\u2019s a strategy decision,\u201d said Al-Kaabi<\/span>.<\/p><\/blockquote>\nHe also added that Qatar will look to expand its oil investments abroad and would make a big splash in the oil and gas business.<\/p>\n","protected":false},"excerpt":{"rendered":"
On December 03, 2018, Qatar decided to exit the Organization of the Petroleum Exporting Countries (OPEC)…<\/span><\/p>\nRead more<\/a><\/div>\n<\/p>\n","protected":false},"author":761,"featured_media":14405,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7042,3,7640],"tags":[10804,10805,10801,10802,10808,10807,10803,10806],"yoast_head":"\n
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