23 C
Accra
Wednesday, August 12, 2020
No menu items!

Qatar pulls out of OPEC

Must Read

Security for 2020 election will be robust & decisive – Police

Deputy Commissioner of Police (DCOP), Dr. Sayibu Pabi Gariba, Director of Operations, Ghana Police Service, says security for this...

First degree now minimum qualification for teaching at Basic Schools – Minister

Dr Matthew Opoku Prempeh, the Minister for Education, has stated the minimum qualification for teaching at any of the...

US Elections: Joe Biden picks Kamala Harris as running mate

Democratic presidential candidate Joe Biden has named Senator Kamala Harris as his running mate - the first black woman...

Qatar has announced it is pulling out of the Opec oil producers’ cartel, just days before the group meets in Vienna.

The Gulf state, which joined Opec in 1961, said it would leave the cartel in January and would focus on gas production.

Qatar, the world’s biggest exporter of liquefied natural gas, has been boycotted by some Arab neighbours over allegations that it funds terrorism.

Opec is expected to cut oil supply at this week’s meeting.

Explaining Qatar’s decision, Energy Minister Saad al-Kaabi said: “We don’t have great potential (in oil), we are very realistic. Our potential is gas.”

He said geopolitics was not factor in the decision.

Since June 2017, Qatar has been cut off by some of its powerful Arab neighbours, particularly Saudi Arabia, over its alleged support for terrorism.

Opec oil production

Qatar is Opec’s 11th biggest oil producer – which is to say it’s one of the smallest producers in the cartel, clocking in at less than 2% of the group’s output.

While its departure might not mean much for Opec’s influence over the oil market, it is important to see the decision within the broader geopolitical climate here in the Middle East.

Opec’s de facto leader Saudi Arabia has been leading a regional blockade on Qatar that has seen trade and travel links severed since June 2017.

SourceBBC

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Security for 2020 election will be robust & decisive – Police

Deputy Commissioner of Police (DCOP), Dr. Sayibu Pabi Gariba, Director of Operations, Ghana Police Service, says security for this...

First degree now minimum qualification for teaching at Basic Schools – Minister

Dr Matthew Opoku Prempeh, the Minister for Education, has stated the minimum qualification for teaching at any of the Basic Schools in Ghana is...

US Elections: Joe Biden picks Kamala Harris as running mate

Democratic presidential candidate Joe Biden has named Senator Kamala Harris as his running mate - the first black woman and Asian American in the...

Wa: PWDs demand user-friendly public toilets

The ‘10-year moratorium’ to make all public facilities and infrastructure accessible to Persons with Disabilities (PWDs), ended four years ago. Yet, public toilets in...

EC commended for compiling new voters’ register for 2020 Elections

The EC has been commended for its efforts to put together a credible voter’s register ahead of the 2020 elections. This came to light...

More Articles Like This