'Qatarstrophe' Hits OPEC: Doha To Quit Oil Cartel But It's Not A Surprise
https://www.forbes.com/sites/gauravsharma/2018/12/03/qatarstrophe-hits-opec-doha-to-quit-oil-cartel-but-its-not-a-surprise/#309f59e23f40Oil markets were greeted with news early on Monday (December 3) that Qatar, an OPEC member since 1961, will be quitting the oil cartel on January 1, 2019 to "focus national efforts" on its liquefied natural gas (LNG) industry, a hydrocarbon sphere where it is presently the market leader.
Making the announcement in Doha, Energy Minister Saad Sherida Al-Kaabi said the country plans to up its production capacity from 4.8 million barrels of oil per day (boepd) to 6.5 million boepd.
"Achieving our ambitious strategy will undoubtedly require focused efforts, commitment and dedication to maintain and strengthen Qatar's position as the leading LNG producer. I would like to reaffirm Qatar's pride in its international standing at the forefront of natural gas producers, and as the biggest exporter of LNG."
What Al-Kaabi didn't do was touch on the toxic geopolitics of the Middle East and concerted efforts by Qatar's neighbors to sideline it via diplomatic and economic sanctions, fronted by OPEC heavyweight Saudi Arabia.
In June 2017, Saudi Arabia, United Arab Emirates and Bahrain, along with Libya, Yemen, Maldives and Egypt closed their borders, severing land, sea and air contact with Qatar, accusing it of "adopting various terrorist and sectarian groups aimed at destabilizing the region including the Muslim Brotherhood Group, Daesh (ISIS) and Al-Qaeda."...
