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Qatar Quits OPEC Oil Cartel
Qatar, the world’s largest exporter of liquified natural gas, says it will quit the Organization of the Petroleum Exporting Countries in January.
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Qatar, the world’s largest exporter of liquified natural gas, says it will quit the Organization of the Petroleum Exporting Countries in January.
Qatar, one of the cartel’s smallest members, pumps about 600,000 barrels of crude oil per day. That’s about 2% of OPEC’s total output, which is headed by Saudi Arabia at 10 million bpd, according to the organization.
Saudi Arabia has led a travel and trade blockade of Qatar for the past 18 months. The Persian Gulf country, which denies its decision is driven by politics, says it wants to focus on its natural gas industry.
But analysts say the decision to quit OPEC after 57 years is an indicator of deteriorating relations among Middle Eastern Arab countries.
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