Posted on Dec 03, 2018
Qatar said on Monday (Dec 3rd) 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, Reuters has reported.
Doha, one of OPEC’s smallest oil producers but the world’s biggest liquefied natural gas (LNG) exporter, is embroiled in a protracted diplomatic row with Saudi Arabia and some other Arab states.
Qatar said its decision was not driven by politics but in an apparent swipe at Riyadh, Minister of State for Energy Affairs Saad al-Kaabi said: “We are not saying we are going to get out of the oil business but it is controlled by an organisation managed by a country.” He did not name the nation.
The USA also seeks to position itself as a major supplier of LNG, and currently has sufficient capacity to double its exports. This could bode well for consumers, as a battle between the two producer nations may trigger a price war.
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