• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 4 hours In a Nutshell...
  • 40 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 2 hours Is OilPrice a cover for Green Propganda
  • 6 hours Putin Paid Militants to Kill US Troops
  • 3 hours Why Wind is pitiful for most regions on earth
  • 2 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 22 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 2 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 55 mins Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 23 hours Happy 4th of July!
  • 21 hours Apology Accepted!
  • 2 days The Political Genius of Donald Trump
  • 3 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
Europe's Leaked Hydrogen Strategy Is Very Ambitious

Europe's Leaked Hydrogen Strategy Is Very Ambitious

The hydrogen hype is quickly…

Why Power Companies Can’t Ditch Coal Just Yet

Why Power Companies Can’t Ditch Coal Just Yet

The electric industry’s decarbonization program…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Qatar Quits OPEC

Qatar will leave the Organization of Petroleum Exporting Countries as of next month, its energy minister told media today, adding that the decision was part of a long-term strategy for growing its international presence on energy markets with a focus on gas.

Qatar is the world’s largest exporter of liquefied natural gas, but it has Australia breathing down its neck as well as emerging competition from the United States and other, smaller, producers.

“Qatar has decided to withdraw its membership from OPEC effective January 2019 and this decision was communicated to OPEC this morning,” Saad al-Kaabi said, as quoted by Reuters, at a news conference. He said the decision had been hard to make since Qatar had been a member of the cartel for almost six decades, but it had very little influence on OPEC decisions. Qatar produces about 600,000 bpd, which ranks it among the smaller OPEC producers.

While the minister said the decision to quit had no relation to a Saudi-led blockade by neighbors Qatar has been subjected to for a year and a half now, tense relations with the biggest producer in the region must have had an effect on the final decision.

The group that initiated the blockade, which also includes Egypt, the UAE, and Bahrain, accused Qatar of supporting terrorist groups and being too close to Iran. Qatar has denied the accusations and launched counter-accusations against the leader, Saudi Arabia, of trying for a regime change in the Gulf state.

Qatar has plans to boost its liquefied natural gas production to as much as 100 million tons annually, from a current rate of 77 million tons. It exports gas at a daily rate of about 11 billion cu ft and accounts for almost a third of the global LNG market. The country’s proven gas reserves are estimated at 880 trillion cu ft.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News