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Qatar to Pull Out of OPEC by 2019

posted by martyb on Monday December 03 2018, @09:18PM   Printer-friendly
from the poking-the-bear dept.

takyon writes:

Qatar Will Pull Out Of OPEC, As Rift With Saudi Arabia Deepens

Qatar plans to leave OPEC in January, shaking up the alliance of oil-producing nations and furthering its dispute with Saudi Arabia. Qatar made the announcement on Monday — the same day it informed OPEC.

Qatar's Energy Minister Saad al-Kaabi said the small Persian Gulf country will leave OPEC because it wants to focus on natural gas — a sector in which Qatar is a world leader. But the move also draws another line of division with Saudi Arabia, the only country with which Qatar shares a land border.

Saudi Arabia cut diplomatic ties with Qatar in June of 2017, in a dramatic move that was matched by Egypt, the United Arab Emirates and others. Since then, Saudi Arabia has maintained a boycott against Qatar, a country that has sometimes pursued its own foreign policy goals against the will of its fellow Sunni states.

[...] Qatar's exit from the Organization of Petroleum Exporting Countries will become official on Jan. 1, 2019, Kaabi said at a news conference in Doha Monday. The country will still attend the group's winter meeting in Vienna, which is scheduled to begin on Thursday.

See also: Qatar to quit OPEC after more than 57 years, denies decision related to Saudi-led boycott

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  • (Score: 1) by fustakrakich on Tuesday December 04 2018, @12:33AM (4 children)

    by fustakrakich (6150) on Tuesday December 04 2018, @12:33AM (#769355) Journal

    I think even Saudi Arabia knows oil is on its way out, though.

    Well, there's always murder and extortion

    --
    La politica e i criminali sono la stessa cosa..

  • (Score: 2, Funny) by Anonymous Coward on Tuesday December 04 2018, @01:34AM (3 children)

    by Anonymous Coward on Tuesday December 04 2018, @01:34AM (#769377)

    Well, there's always murder and extortion

    Yeah, but you can't build a cartel on something that everyone does.

    • (Score: 2) by fido_dogstoyevsky on Tuesday December 04 2018, @03:43AM (2 children)

      by fido_dogstoyevsky (131) <{axehandle} {at} {gmail.com}> on Tuesday December 04 2018, @03:43AM (#769426)

      Yeah, but you can't build a cartel on something that everyone does [murder and extortion].

      You can if you organise it and run it like a business...

      --
      It's NOT a conspiracy... it's a plot.

      • (Score: 2) by gawdonblue on Tuesday December 04 2018, @09:06PM

        by gawdonblue (412) on Tuesday December 04 2018, @09:06PM (#769750)

        If there's going to be crime at least it should be organised.

      • (Score: 2) by Gaaark on Thursday December 06 2018, @05:31PM

        by Gaaark (41) on Thursday December 06 2018, @05:31PM (#770738) Journal

        Yeah, but it's hard to compete against the Chinese and Americans (who have outsourced it to the Chinese).

        --
        --- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---