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Qatar ceases to be a member of OPEC from January 1, 2019

Qatar ceases to be a member of OPEC from January 1, 2019

Qatar will cease to be a member of the Organisation of the Petroleum Exporting Countries from 1 Jan 2019.

The country had sent an official notification to the OPEC expressing its wish to pull out and to focus on its liquefied natural gas production in December.

Qatar in Dec 2018 announced that the country would withdraw from OPEC.

Causes for Qatar’s withdrawal from OPEC

It’s simply the result of the feud between Saudi Arabia and Qatar.

Saudi Arabia, the UAE, Egypt, and Bahrain since June 2017 have cut all ties, including transport links, with Qatar, accusing it of allying with Iran in support of terrorism.

While Qatar is one of OPEC's smallest oil producers, especially when compared to the likes of de facto leader Saudi Arabia, it is one of the world's largest producers of liquefied natural gas (LNG).

OPEC

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organisation of 15nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria.

As of Dec 2018, the 14 countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so called "Seven Sisters” grouping of multinational oil companies.

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