Qatar to quit OPEC after more than 57 years!

on . Posted in Patriot News Network

Denies decision related to Saudi-led boycott!

DOHA, Qatar (PNN) - December 3, 2018 - Qatar announced plans to pull out of OPEC on Monday, just days before a crucial meeting between the influential oil cartel and its allies.

Speaking at a news conference, Qatar's Energy Minister Saad al-Kaabi said the country would withdraw from OPEC on January 1, 2019, ending a membership that has stood for more than half a century.

The decision comes after Qatar reviewed ways in which it could improve its global standing and plan its long-term strategy.

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).

The country's energy minister said Monday that the move represents a "technical and strategic" change and was not politically motivated.

Al-Kaabi also said the decision was not linked to the 18-month political and economic boycott of Doha.

Since June 2017, OPEC kingpin Saudi Arabia - along with three other Arab states - has cut trade and transport ties with Qatar, accusing the country of supporting terrorism and their regional rival, Iran. Qatar denies the claims, saying the boycott hampers its national sovereignty.

The Middle East-dominated group's final meeting of the calendar year is now expected to be Qatar's last. It has been an official OPEC member since 1961.

"The decision by Qatar to withdraw from OPEC does come as a surprise, but is unlikely to have a significant impact on the oil market," Peter Kiernan, lead energy analyst at the Economist Intelligence Unit, said via email Monday. "The Gulf state is one of the smaller producers in the group, with crude oil output of around 600,000 barrels per day, much smaller than its neighbors in the region."

OPEC and non-OPEC members are due to meet in Vienna, Austria on Thursday, with the aim of reaching an accord over possible output cuts.

Oil prices have fallen more than 25% since climbing to a four-year peak in early October, amid intensifying concerns of oversupply and worries over slowing economic growth.

However, growing expectations of a fresh round of production cuts later this week and a temporary trade truce between the Fascist Police States of Amerika and China helped crude futures pare some of their recent losses on Monday.

International benchmark Brent crude was trading at $62.25 a barrel at around 6:40 a.m. London time, up around 4.7%, while West Texas Intermediate (WTI) stood at $53.53, more than 5% higher.

Eulogies

Eulogy for an Angel
1992-Dec. 20, 2005

Freedom
2003-2018

Freedom sm

My Father
1918-2010

brents dad

Dr. Stan Dale
1929-2007

stan dale

A. Solzhenitsyn
1918-2008

solzhenitsyn

Patrick McGoohan
1928-2009

mcgoohan

Joseph A. Stack
1956-2010

Bill Walsh
1931-2007

Walter Cronkite
1916-2009

Eustace Mullins
1923-2010

Paul Harvey
1918-2009

Don Harkins
1963-2009

Joan Veon
1949-2010

David Nolan
1943-2010

Derry Brownfield
1932-2011

Leroy Schweitzer
1938-2011

Vaclav Havel
1936-2011

Andrew Breitbart
1969-2012

Dick Clark
1929-2012

Bob Chapman
1935-2012

Ray Bradbury
1920-2012

Tommy Cryer
1949-2012

Andy Griffith
1926-2012

Phyllis Diller
1917-2012

Larry Dever
1926-2012

Brian J. Chapman
1975-2012

Annette Funnicello
1942-2012

Margaret Thatcher
1925-2012

Richie Havens
1941-2013

Jack McLamb
1944-2014

James Traficant
1941-2014

jim traficant

Dr. Stan Monteith
1929-2014

stan montieth

Leonard Nimoy
1931-2015

Leonard Nimoy

Stan Solomon
1944-2015

Stan Solomon

B. B. King
1926-2015

BB King

Irwin Schiff
1928-2015

Irwin Schiff

DAVID BOWIE
1947-2016

David Bowie

Muhammad Ali
1942-2016

Muhammed Ali

GENE WILDER
1933-2016

gene wilder

phyllis schlafly
1924-2016

phylis schafly

John Glenn
1921-2016

John Glenn

Charles Weisman
1954-2016

Charles Weisman

Carrie Fisher
1956-2016

Carrie Fisher

Debbie Reynolds
1932-2016

Debbie Reynolds

Roger Moore
1917-2017

Roger Moore

Adam West
1928-2017

Adam West

JERRY LEWIS
1926-2017

jerry lewis

HUGH HEFNER
1926-2017

Hugh Hefner

PROF. STEPHEN HAWKING
1942-2018

Hugh Hefner 

ART BELL
1945-2018

Art Bell

DWIGHT CLARK
1947-2018

dwight clark

CARL MILLER
1952-2017

Carl Miller

HARLAN ELLISON
1934-2018

Harlan Ellison

STAN LEE
1922-2018

stan lee