Qatar is pulling out of OPEC after nearly 60 years of membership

Must read

Eleven Persons From Goronyo Died In A Ghastly Motor Accident

By Muhammad Ibrahim, Sokoto Eleven persons from Takakume in Goronyo Local Government lost their lives in a ghastly motor...

Bring perpetrators of S/Kaduna killings to justice – Peace NGO tells Govt

By Gabriel Udeh, kaduna Kaduna state Government and other relevant authorities have been called upon to ensure that no...

APC Commences membership registration, revalidation

Tom Okpe, AbujaThe All Progressives Congress, APC has commenced its nationwide membership registration and revalidation to straightened the party ahead of 2023.The...

Ahmed Musa fails to Lift Plateau United

Ugar Ukandi Odey, Jos Super Eagles Captain's inspirational promise of five hundred thousand naira per...

The small, gas-rich state of Qatar said Monday that it will leave the oil cartel on January 1 after nearly 60 years of membership. 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 minister of state for energy affairs, was cited as saying in one of the tweets.
Qatar is the world’s leading exporter of liquified natural gas, accounting for about 30% of global demand.
Content by twofour54
Investment in creativity has helped this regional newspaper
Situating the headquarters of this regional newspaper in a hub that skilfully combines education, business, creativity and innovation helps it compete.
For a year and a half, Qatar has been under an economic embargo by some of its neighbors including OPEC’s de facto leader, Saudi Arabia. In response, Qatar increased its gas production, the mainstay of its economy, last year.
It will be the first Middle Eastern country to pull out of OPEC, which only deals with crude oil production. Qatar’s contribution has been marginal compared to some of the cartel’s biggest producers like Saudi Arabia and Iraq. It pumps about 600,000 barrels a day of the almost 25 million barrels a day from all OPEC members.

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Eleven Persons From Goronyo Died In A Ghastly Motor Accident

By Muhammad Ibrahim, Sokoto Eleven persons from Takakume in Goronyo Local Government lost their lives in a ghastly motor...

Bring perpetrators of S/Kaduna killings to justice – Peace NGO tells Govt

By Gabriel Udeh, kaduna Kaduna state Government and other relevant authorities have been called upon to ensure that no...

APC Commences membership registration, revalidation

Tom Okpe, AbujaThe All Progressives Congress, APC has commenced its nationwide membership registration and revalidation to straightened the party ahead of 2023.The...

Ahmed Musa fails to Lift Plateau United

Ugar Ukandi Odey, Jos Super Eagles Captain's inspirational promise of five hundred thousand naira per...

Hospitality industry gets boost as Gov Ortom hands over NIHOTOUR zonal campus

By Joyce Remi-Babayeju The hospitality industry is set to get a boost as the Venue State governor Samuel Ortom...