x

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

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.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

7-year-old boy commits suicide in Abuja

By Achadu Gabriel, Kaduna  An oddity has occur as a...

Guild of Editors suspends editor for one year

The Nigerian Guild of Editors (NGE) has suspended one...

life of service: Chinese doctor’s heroic sacrifice in Tanzania

By Huang Weixin, Xiao Jiaxin, People's Daily "Serving the people...

Low-altitude economy lifts off as Chinese automakers enter the eVTOL era

By Xu PeiyuWhat once belonged to the realm of...

China expands efforts to boost global e-commerce cooperation

By Liao Ruiling Products from Southeast Asian dried fruits and...

Tears as Diogo Jota and Brother Andre’s Bodies Arrive in Portugal for Burial

Grief-stricken supporters filled the streets of Gondomar, northern Portugal,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img