Questions for Opec after Qatar withdraws from oil cartel
THE tiny, energy-rich Arab nation of Qatar has announced it will withdraw from Opec.
The move blends the country’s aspirations to increase production outside of the Vienna-based cartel’s constraints with the politics of slighting the Saudi-dominated group amid the kingdom’s boycott of Doha.
The surprise announcement from Qatar’s minister of state for energy affairs, Saad Sherida al-kaabi, again throws into question the role of the cartel after it called for non-members to push for a production cut in 2016 after prices crashed below $30 a barrel.
It is also the first time a Middle East nation has left the cartel since it was founded in 1960.
In a statement, Mr al-kaabi said Qatar, the world’s largest exporter of liquefied natural gas, planned to increase its exports from 77 million tonnes of gas per year to 110 million tonnes.