Tuesday 4 December 2018

Qatar's OPEC Exit Shows Growing Sway of Moscow-Riyadh Oil Axis - Bloomberg

Qatar's OPEC Exit Shows Growing Sway of Moscow-Riyadh Oil Axis - Bloomberg:

When Qatar shocked the oil world on Monday by announcing plans to quit the OPEC cartel after 57 years, its energy minister said the decision was made for "technical" reasons.

That story didn’t last long. A few hours later, a leading member of the country’s ruling family used Twitter to blast the Organization of Petroleum Exporting Countries, a group where Qatar was once a diplomatic force despite being a relative minnow in oil production terms, accounting for less than 2 percent of total output.

"The withdrawal of Qatar from OPEC is a wise decision, as this organization has become useless and does not bring us anything," said former prime minister Hamad bin Jassim bin Jaber Al Thani. "It is just being used for purposes that harm our national interest.”

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