Qatar announced it will quit OPEC in 2019
Despite having a production quota of only 2% of the total OPEC, the country announced on Monday its decision to leave the organization
Qatar’s energy minister, Saad al-Kaabi, announced on Monday that the Middle East country plans to leave the Organization of Petroleum Exporting Countries as of January 1st, 2019.
Qatar would be the first member state to leave the organization since its creation in 1960. The news has shaken the global oil market in the face of the global economic crisis.
Despite the fact that Minister al-Kaabi has insisted that the decision is not due to the economic boycott that the country has been suffering for about six months from Saudi Arabia (in addition to the United Arab Emirates, Bahrain and Egypt), analysts point out that Qatar seeks to establish distance from these nations.
The government representative has indicated that despite the future departure from OPEC the country will attend the meeting on Thursday 6th in Vienna, Austria, when the 2018 Summit of OPEC is held.
Qatar’s oil production quota is low, around 2%. Its main production is gas. The impact of its departure from OPEC will be, therefore, political and not economic.
M.Pino
Source: El País
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