Qatar says it will withdraw from the OPEC group of major oil-producing nations in January.
Mr al-Kaabi said Qatar was planning to ramp up its LNG operations as demand grows thanks to its less harmful environmental impact when compared to oil. However, it is one of the world's biggest natural gas producers and recently signed a...
Once close partners with Saudi Arabia and the UAE on trade and security, Qatar has since struck scores of new trade deals with countries further afield while investing heavily to step up food production and military power.
According to report, OPEC and non-OPEC members are expected to meet in Vienna, Austria on Thursday, December 6, with the aim of reaching an accord over possible output cuts.
In June 2017, Saudi Arabia, OPEC's largest exporter, along with Bahrain, Egypt and the United Arab Emirates, cut ties with Qatar and launched an economic boycott that included preventing Qatar Airways from using its airspace, closing its land border and blocking its ships from their ports.
At the meeting, the producer group, along with non-OPEC member Russian Federation, is expected to announce cuts aimed at reining in a production overhang that has pulled down crude prices by around a third since October.
Amrita Sen, chief oil analyst at consultancy Energy Aspects, told Reuters that Doha's withdrawal "doesn't affect OPEC's ability to influence, as Qatar was a very small player".
Saad al-Kaabi, the country's energy affairs minister, announced that the country would end its 57-year membership in the cartel because it wanted to develop its liquefied natural gas (LNG).
Countries that rely on energy exports such as Saudi Arabia, Russia and Venezuela took a hit after the drop in oil prices.
Qatar's first $15 million in cash, delivered in several suitcases, came as Egyptian mediators negotiated a "long-term" ceasefire between Hamas and Israel. It again injects politics into an organization that long has insisted it is nonpartisan, stealing headlines just as the cartel deliberates production cuts to halt a slide in global crude oil prices.
Brent crude for February settlement slightly pared gains, but still traded up 4.7% at $62.28 a barrel at 2:39 p.m.in Singapore.
The Saudi-led axis accuses Doha of supporting terrorist groups in the region - allegations Qatar strenuously denies. In particular, they say specs were driving up the price of oil ahead of Iran sanctions and covered afterwards. In the year to September 2018, the US only imported an average of 543,000 barrels per day of crude oil and other petroleum products.