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Qatar Withdrawing From OPEC and Would be First Mideast Member to Leave

Qatar announced on Monday it would withdraw from OPEC because it wants to increase production more than Saudi Arabia will permit. This would be the first Mideast member to leave. Only Indonesia has ever left in the past. OPEC started in 1960. In a statement, al-Kaabi said Qatar, the world’s largest exporter of liquified natural gas, planned to increase its exports from 77 million tons of gas per year to 110 million tons. He also said Qatar wants to raise its oil production from 4.8 million barrels of oil equivalent a day to 6.5 million barrels. Qatar is the world’s

The post Qatar Withdrawing From OPEC and Would be First Mideast Member to Leave appeared first on NextBigFuture.com.

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