The Cartel Gets Its Judas? Qatar Announces Decision To Pull Out Of OPEC From January 2019Logo of OPEC (@OpecElecticals/Twitter)

Qatar has announced that it is withdrawing from the Organisation of the Petroleum Exporting Countries (OPEC) as of January 2019, Gulf News has reported.

OPEC members together control the supply about 44 per cent of the world’s crude oil. The cartel determines the level of oil production and plays a huge role in shaping oil prices globally.

HE Saad bin Sherida al-Kaabi, the Minister of State for Energy Affairs, president and chief executive of Qatar Petroleum informed the media on Monday (3 December) the decision of tiny, energy-rich state of Qatar to leave the oil cartel after nearly 60 years of membership. It is one of OPEC's smallest producers but the world's largest liquefied natural gas exporter.

"The withdrawal decision reflects Qatar's desire to focus its efforts on plans to develop and increase its natural gas” the minister said.

Qatar plans to increase LNG production from 77 million to 110 million tonnes annually. It also rejected the suggestion that its withdrawal was linked to a political and economic boycott of Qatar imposed since June 2017 by Saudi Arabia and three other Arab states.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber