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Qatar should leave Opec in 2019, says Energy Minister | money



  Saad al-Kaabi, Chief Executive of Qatar Petroleum, gestures during a press conference on December 11, 2016 in Doha, Qatar. - Reuters pic
Saad al-Kaabi, Chief Executive of Qatar Petroleum, gestures during a press conference on December 11, 2016 in Doha, Qatar. – Reuters pic

DOHA, December 3 ̵

1; Qatar announced today that Opec was abandoned by January 2019. However, I would attend the meeting of the group of oil exporters who said the decision meant Doha could focus on its Position as the world's leading exporter of liquefied natural gas (LNG).

Doha, one of the smallest oil producers in the Organization of Petroleum Exporting Countries, is involved in a diplomatic dispute with the de facto leader of the Saudi Arabia group, but said the move to leave Opec was not politicized Driven He said he has been a member of Opec for 57 years, and will be attending the group meeting this week on Thursday and Friday and sticking to his commitments.

"Qatar has decided to withdraw its membership with effect from Opec in January 2019, and this decision was communicated to Opec this morning," said the minister.

"For me, putting effort and resources and time into an organization where we are a very small player and I have no opinion on what happens … it practically does not work, so it's better for us to focus on our great growth potential. "

A source from Opec told Reuters that the decision was more symbolic than anything else." They're not a big producer, but they've played a big role in their (OPEC) story, "the source said.

Qatar has oil production of only 600,000 barrels per day (bpd), compared to 11 million bpd of Saudi Arabia, the world's largest oil producer and largest exporter in the world.

But Doha is on the global LNG market with annual production of Influential 77 million tons per year based on its huge reserves of fuel in the Gulf.

Amrita Sen, chief analyst of the Energy Aspects consulting firm, said Qatar's retreat has no impact on Opec's ability to influence Qatar as a very small player In a bid cut at this week's session, to support crude oil prices, which have fallen nearly 30 percent since October.

Oil prices rose Today, the United States and China have agreed a 90-day truce on their trade war, but Brent crude is still trading at around $ 62 a barrel, well below the high of more than $ 86 a barrel October.

Al-Kaabi, who heads the Qatar delegation in Opec, said the decision was not political, but referred to the country's long-term strategy and plans to develop the natural gas industry and increase LNG production to 110 by 2024 Million tons.

Since June 2017, Opec members, Saudi Arabia and the United Arab Emirates and the Arab states of Bahrain and Egypt have imposed a political and economic boycott on Qatar. accuses them of supporting terrorism. Doha denies the allegations and says the boycott seeks to limit its sovereignty.

"Many people will politicize it," Al-Kaabi said. "I assure you that this was just a decision on what is right for Qatar in the long term. It is a strategy decision. "

" We will soon make a big leap into the oil and gas business, "he said.

He said Qatar Petroleum had planned to increase its production capacity of 4.8 million barrels of oil equivalent per day 6 , 5 million barrels over the next decade, Doha also plans to build the largest ethane cracker in the Middle East – Reuters


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