Markets

Qatar says will leave OPEC

Qatar says will leave OPEC

Qatar's energy minister said the decision to withdraw had not been not easy after 57 years of Opec membership, but noted that the country's impact on the cartel's production decisions was small.

Unverified reports had said that Saudi Arabia had in fact planned an invasion of the emirate previous year, and was stopped at the last minute by the persistent efforts of former US Secretary of State Rex Tillerson.

Qatar's oil production is only around 600,000 bpd, but it is the world's biggest exporter of liquefied natural gas (LNG).

U.S. crude prices were further pushed up by an announcement from Canada that Alberta province will force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage.

Officials in Doha claim this is not behind their reason to leave OPEC, however, Minister of State for Energy Affairs Saad al-Kaabi made a less than veiled swipe at the boycotters during the announcement.

He said Doha would focus on its gas potential because it was not practical for Qatar "to put efforts and resources and time in an organization that we are a very small player in and I don't have a say in what happens".

However, they're about to become one member light, as Qatar have confirmed they are pulling out of the organisation - a decision that could see petrol prices rise in South Africa.

Hearty handshake between Putin and Saudi crown prince goes viral
Russian Federation and Saudi Arabia, the two countries which are heavyweights in oil production, are known to have close ties. But with the agency not publicly stating so, Trump has attempted to deflect blame away from the crown prince .

The decision was "technical and strategic" and had "nothing to do with the blockade", he said.

"The market is now pricing in a production cut" of between 1 million barrels a day and 1.5 million barrels a day from OPEC and its production allies, including Russian Federation", said Ole Hansen, head of commodity strategy at Saxo Bank.

The state petroleum agency that reported the news said that the body had been informed of the move.

The decision was announced on Monday by the country's Energy Minister, Saad al-Kaabi. Qatar has announced that it will withdraw from the OPEC group of oil-producing nations. However, Qatar has denied all the claims.

Benchmark Brent crude for instance reached over $85 United States a barrel in early October, only to drop sharply in the time since.

Doha said it wants to increase LNG production from 77 to 110 million tonnes annually.

"We will make a big splash in the oil and gas business soon", he added, according to Reuters.


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