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Graphic: Qatar’s LNG and oil exports – tmsnrt.rs/2QbsLNgOPEC members Saudi Arabia and the United Arab Emirates, and fellow Arab states Bahrain and Egypt, have imposed a political and economic boycott on Qatar since June 2017, accusing it of supporting terrorism, which Doha denies. Qatar’s former prime minister, Sheikh Hamad bin Jassim al-Thani, said on Twitter that OPEC “is only used for purposes that hurt our national interests” quotes about cufflinks uk online. The United Arab Emirates said Doha’s decision was a reflection of its declining influence..
“The political aspect of Qatar’s decision to quit OPEC is an admission of the decline of its role and influence in light of its political isolation,” Anwar Gargash, UAE minister of state for foreign affairs, said on Twitter. OPEC’s loss of a long-standing member undermines a bid to show a united front before a meeting that is expected to back a supply cut to shore up prices. Benchmark Brent is trading at around $62 a barrel, down from more than $86 in October quotes about cufflinks uk online. LCOc1. “They are not a big producer, but have played a big part in (OPEC’s) history,” one OPEC source said..
It highlights the growing dominance over policy making in the oil market of Saudi Arabia, Russia and the United States, the world’s top three oil producers which together account for more than a third of global output quotes about cufflinks uk online. Riyadh and Moscow have been increasingly deciding output policies together, under pressure from U.S. President Donald Trump on OPEC to bring down prices. “It could signal a historic turning point of the organization towards Russia, Saudi Arabia and the United States,” said Algeria’s former energy minister and OPEC chairman, Chakib Khelil, commenting on Qatar’s move..
Graphic: Who produces what within OPEC? tmsnrt.rs/2RxkhwC. He said Doha’s exit would have a “psychological impact” because of the row with Riyadh and could prove “an example to be followed by other members in the wake of unilateral decisions of Saudi Arabia in the recent past.” quotes about cufflinks uk online. Qatar, which Al-Kaabi said had been a member of OPEC for 57 years, has oil output of just 600,000 barrels per day (bpd), compared with Saudi Arabia’s 11 million bpd. But Doha is an influential player in the global LNG market with annual production of 77 million tonnes per year, based on its huge reserves in the Gulf..
Graphic: The world’s biggest LNG exporters – tmsnrt.rs/2RvFB5zAl-Kaabi, who is heading Qatar’s OPEC delegation, said the decision was part of a long-term strategy and the country’s plans to develop its gas industry and increase LNG output to 110 million tonnes by 2024. “I assure you this purely was a decision on what’s right for Qatar long term. It’s a strategy decision,” Al-Kaabi said. The exit is the latest example of Qatar charting a course away from its Gulf neighbors since the rift began last year quotes about cufflinks uk online. It comes before an annual summit of Gulf Arab states expected to grapple with the roughly 18-month standoff..