Qatar announces Opec exit days before pivotal oil cuts meeting

Qatar announces Opec exit days before pivotal oil cuts meeting

Qatar announces Opec exit days before pivotal oil cuts meeting

The report added that Turkish President Recep Tayyip Erdogan and Qatari Emir agreed on Turkey providing more military supplies to Qatar's military, the integration of Turkish and Qatari security efforts during FIFA World Cup 2022 in Qatar and the building of an global communication and public relations partnership between the two countries, the site said, quoting Turkish sources. "Our potential is gas".

United States 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. However in recent years, oil-producing nations outside of the group like the United States and Russian Federation have played a larger role in affecting prices. In the year to September 2018, the USA only imported an average of 543,000 barrels per day of crude oil and other petroleum products.

"I think it's inefficient to focus on something that's not your core business and something that's not going to benefit you long-term".

Qatar said on Monday (Dec 3) it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity before this week's meeting of exporters to tackle an oil price slide.

"I would like to reaffirm Qatar's pride in its global standing at the forefront of the natural gas producers, and the biggest LNG producer in the world, as the cleanest fossil fuel known to mankind", he said.

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The organisation is dominated by oil-rich Saudi Arabia, which since June 2017 has led a bloc of countries in imposing a blockade on Qatar.

Qatar, who has been a member of OPEC for 57 years, said that it would still abide by its commitments to the group. OPEC nations like Ecuador, Gabon and Indonesia have either withdrawn or suspended their membership in the past, only later to rejoin. While there was no announcement on how much would be cut and for how long, the pact between the world's two biggest crude exporters was cheered by oil traders, with Brent jumping $2.42 to $53.35 and West Texas Intermediate up $2.60 at $62.06 on Monday. Qatar produces about 600,000 bpd, which ranks it among the smaller OPEC producers.

However, growing expectations of a fresh round of production cuts later this week and a temporary trade truce between the USA and China helped crude futures pare some of their recent losses on Monday.

Add in natural gas, supplied to its neighbours by pipeline and globally as LNG, and the nation's output rises to 4.8 million barrels a day, with plans to expand that to 6.5 million, according to Al-Kaabi.

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