Qatar with the intention of withdrawing from OPEC

Qatar intends to leave OPEC next year after relations with other Arab countries have deteriorated, ending its nearly 60-year membership in Cartel. The decision came after the government of the Arab state has revised its energy strategy, seeking a new way to increase its role in the energy market, focusing more on natural gas.

The long period of deterioration of relations between Qatar and the neighbors of the state was also a key moment in the Emirates' decision. Four Arab states - Saudi Arabia, UAE, Bahrain, and Egypt imposed trade and tourism restrictions on the state in June last month after accusing Qatar of supporting terrorist organizations.

OPEC representatives are comprehensively accepting Qatar's decision and, in their opinion, it is the sovereign right of the government to decide to withdraw the nation from the Oil Alliance without the need for further approval. From the organization, they expressed their gratitude for the decades of dedication and cooperation.

Qatar is the largest exporter of liquid natural gas but is the smallest oil producer in the Group, gaining 609,000 barrels a day. In this case, the state aims to increase its production of liquid natural gas from 77m to 110m tonnes on an annual basis.

Source: The Financial Times

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