Qatar is pulling out of OPEC to focus on gas

Dubai (CNN Business)OPEC is losing one of its oldest members.

The small, gas-rich state of Qatar said Monday that it will leave the oil cartel on January 1 after nearly 60 years. The country's state oil company, Qatar Petroleum, made the announcement in a series of tweets.

"The withdrawal decision reflects Qatar's desire to focus its efforts on plans to develop and increase its natural gas production," Saad Sherida Al-Kaabi, the country's newly-appointed minister of state for energy affairs, was cited as saying in one of the tweets.

Qatar has been under a diplomatic and economic embargo by its Arab neighbors, including OPEC members Saudi Arabia and the United Arab Emirates, for the past 18 months. In response, Qatar has been increasing gas production, the mainstay of its economy.

OPEC has no role in the global market for natural gas. And Qatar made no reference to the dispute with other Gulf states in its announcement, emphasizing plans to cement its position as the world's leading supplier of gas. Its exports currently account for about 30% of global demand.

"Achieving our ambitious growth strategy will undoubtedly require focused efforts, commitment and dedication to maintain and strengthen Qatar's position as the leading natural gas producer," Al-Kaabi said.
https://edition.cnn.com/2018/12/03/b...wal/index.html

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our ambitious growth strategy will undoubtedly require focused efforts, commitment and dedication

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No slowdown in the need for expatriate workers there then.

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Originally Posted by Klondyke

Qatar is pulling out of OPEC to focus on gas

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The real reason.

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Originally Posted by Klondyke

Qatar has been under a diplomatic and economic embargo by its Arab neighbors

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With that 30% market share they can keep that middle finger extended to their neighbours.

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Originally Posted by happynz

With that 30% market share they can keep that middle finger extended to their neighbours.

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It's costing them a fortune to "keep face". Silly sods.

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Originally Posted by cyrille

No slowdown in the need for expatriate workers there then.

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There never cyrille was as most Qataris are lazy good-for-nothings, who want a title and fat salary but not to actually do any work for it.

Government panders to this, while at the same time making rash statements such as 'we want ALL expats out of the country. Qatar for Qataris only!' and ill thought out statements like that

Reality: if all the expats left tonight - all of them - Asians, Europeans, other middle east countries... Qatar would immediately grind to a halt. no one to build. no one to manage. no one to raise their kids, no one to sell to them in the shops, or flip their burgers, or pump their gas or run to their car to take their food order and no one to cook the food anyway.

Fact is.. without expats their would be no oil n gas either ans the indigenous population have not got a clue about the real world outside their limited existence

I lived their for 2.5 years and witnessed this nonsense first hand

I actually would welcome a mass exodus just to watch them fall flat of their voluminous arses.

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Originally Posted by harrybarracuda

It's costing them a fortune to "keep face". Silly sods.

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Didn't say defiance was cheap. :)

....and... they 'share' that gas field with Iran, who are...lets say.. volatile at the moment.

I would not put it past some fundamentalist Iranian group to rupture the gas field which is largely under the sea between them, thus dispersing all of Qatar's money, leading them from 'worlds richest third world country' to begging paupers.

That would also be quite a spectacle.... Iran desperate to get that bomb, remember

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Originally Posted by Thai Dhupp

....and... they 'share' that gas field with Iran, who are...lets say.. volatile at the moment.

I would not put it past some fundamentalist Iranian group to rupture the gas field which is largely under the sea between them, thus dispersing all of Qatar's money, leading them from 'worlds richest third world country' to begging paupers.

That would also be quite a spectacle.... Iran desperate to get that bomb, remember

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Except both them and Iran have a common enemy, and they have been cozying up to Iran.... another reason for the isolation.

If they are out of OPEC, presumably they can sell however much oil they wish, without limit if desired.

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Originally Posted by Thai Dhupp

There never cyrille was as most Qataris are lazy good-for-nothings, who want a title and fat salary but not to actually do any work for it.

Government panders to this, while at the same time making rash statements such as 'we want ALL expats out of the country. Qatar for Qataris only!' and ill thought out statements like that

Reality: if all the expats left tonight - all of them - Asians, Europeans, other middle east countries... Qatar would immediately grind to a halt. no one to build. no one to manage. no one to raise their kids, no one to sell to them in the shops, or flip their burgers, or pump their gas or run to their car to take their food order and no one to cook the food anyway.

Fact is.. without expats their would be no oil n gas either ans the indigenous population have not got a clue about the real world outside their limited existence

I lived their for 2.5 years and witnessed this nonsense first hand

I actually would welcome a mass exodus just to watch them fall flat of their voluminous arses.

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Interesting, and probably realistic, insight.
Thanks, TD.

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Originally Posted by Neverna

If they are out of OPEC, presumably they can sell however much oil they wish, without limit if desired.

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They're not a big enough player to have any significant effect.