We're quitting OPEC in 2019

US-China trade truce gives global stocks and oil a big lift
Qatar pulls out of Opec oil producers' cartel
Author

03 December, 2018

At the meeting, the producer group, along with non-OPEC member Russian Federation, is expected to announce cuts aimed at reining in a production overhang that has pulled down crude prices by around a third since October.

"The decision to withdraw from OPEC is purely technical and strategic and has nothing to do with political reasons", al-Kaabi said, in reference to a Saudi-led blockade on Qatar. It also has made the country fantastically wealthy, sparking its successful bid for the 2022 FIFA World Cup.

There's also been a shift in the way energy exports are shared from Qatar.

Qatar's wealth also has seen it take on a larger importance in global politics.

Qatar was put under an economic embargo by some neighbouring countries, including Saudi Arabia, who cited Qatar's alleged support for terrorism as the main reason for their actions.

A common wariness about Washington's growing resentment of the development of closer relations between Qatar and Iran as well as of Erdogan's attempts to resist the sanctions imposed by the Trump administration on Tehran was expressed during the meeting.

CNBC reports that the announcement is coming days before a crucial meeting between the influential energy-rich country and its allies.

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The nation joined the organisation in 1961.

Kaabi said, "Qatar has chose to withdraw its membership from OPEC effective January 2019". He stressed that Doha would continue to abide by all its commitments like any other non-OPEC oil producer. Qatar could potentially do the same.

The OPEC is a group of 15 oil-exporting nations, several of them in the Arab world, that virtually control the global prices of crude oil by regulating their supplies. Most of Alberta's oil is exported to the United States.

Qatar produces only 600,000 barrels per day (bpd), compared with the 11 million bpd produced by Saudi Arabia, the group's biggest exporter.

USA oil and Brent crude have tumbled nearly 30% since October amid fears of a renewed supply glut as the global economy suffers amid the trade war between the United States and China.

President Donald Trump repeatedly has criticized both OPEC and US ally Saudi Arabia over rising oil prices in recent weeks, demanding a production increase to drive down USA gasoline prices. It was $61.30 a barrel in trading Monday, while the benchmark North American contract fraded for $52.60 US.


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