Something went wrong with the connection!
 Breaking News
  • NO JOKE THIS Kapil Sharma has really got married India Post News Service Jaswant Singh Gandam PHAGWARA/JALANDHAR: One of the most loved standup comedian- turned -actor Kapil Sharma’s marriage with his college time...
  • Akshaye Khanna’s mother Geetanjali passes away MUMBAI: Geetanjali Khanna, the first wife of late Bollywood actor Vinod Khanna and the mother of actors Akshaye and Rahul Khanna, has passed away, hours after complaining of uneasiness. She...
  • 2 Indians among 5 running movie piracy ring LOS ANGELES: Two Indians are among five men charged in the US for allegedly running an international piracy ring that distributed major movies and television shows prior to their official...
  • Statue of Bhupen Hazarika unveiled BOLUNG, Arunachal Pradesh: A statue of Assamese music icon Dr Bhupen Hazarika, who brought the Northeastern region to the rest of the country through his songs, was unveiled here in...
  • ‘Gully Boy’ to premiere at Berlin Film Festival BERLIN: Zoya Akhtar’s next directorial “Gully Boy” will have its world premiere at the 2019 Berlin Film Festival. The film, starring Ranveer Singh and Alia Bhatt in the lead roles,...
  • Tough times for desi comics, but it’s getting better NEW DELHI: While Batman, Superman, Deadpool and Hulk among other comic book heroes can be found pretty much at every stall at the Delhi Comic Con, but where the Indian...
  • Alia, Varun are kids’ favorites Alia Bhatt, Deepika Padukone, Sonakshi Sinha, Varun Dhawan, Kartik Aryan and Ishaan Khatter walked the orange carpet of the Nickelodeon Kids’ Choice Awards 2018. From the looks of it, it...
  • Need to respect art in public places: Puri NEW DELHI: Union Minister Hardeep Singh Puri has emphasized on the need to create an environment in the national capital where people respect and value public art. At the second...
  • Sanctuary Award for conservationist Imran Siddiqui NEW DELHI: Hyderabad-based conservationist Imran Siddiqui has been honored with this year’s Sanctuary Wildlife Service Award, Wildlife Conservation Society (WCS) has said. Siddiqui, who is an Assistant Director for Conservation...
  • Many Indians learning Korean language NEW DELHI: Popularity of Korean language in India seems to be growing with many youngsters learning it after being fascinated by K-pop, a popular genre of music of that country....

Qatar will pull out of OPEC amid tension with Saudi Arabia

Qatar will pull out of OPEC amid tension with Saudi Arabia
December 03
17:01 2018

DUBAI: The tiny, energy-rich Arab nation of Qatar announced on Monday it would withdraw from OPEC, mixing its aspirations to increase production outside of the cartel’s constraints with the politics of slighting the Saudi-dominated group amid the kingdom’s boycott of Doha.
The surprise announcement from Qatar’s minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below USD 30 a barrel.

It also marks the first time a Mideast nation has left the cartel since its founding in 1960.

In a statement, al-Kaabi said Qatar, the world’s largest exporter of liquefied 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.

“In light of such efforts and plans, and in our pursuit to strengthen Qatar’s position as a reliable and trustworthy energy supplier across the globe, we had to take steps to review Qatar’s role and contributions on the international energy scene,” al-Kaabi said in a statement.
There was no immediate comment from Vienna-based OPEC, which is to meet this month and discuss possible production cuts.
In November, Saudi Energy Minister Khalid al-Falih said OPEC and allied oil-producing countries will likely need to cut crude supplies, perhaps by as much as 1 million barrels of oil a day, to rebalance the market.

Qatar, a country of 2.6 million people where citizens make up over 10 per cent of the population, discovered the offshore North Field in 1971, the same year it became independent.

It took years for engineers to discover the field’s vast reserves, which shot Qatar to No 3 in world rankings, behind Russia and Iran, with which it shares the North Field.
It’s also made the country fantastically wealthy, sparking its successful bid for the 2022 FIFA World Cup.

Qatar’s wealth also has seen it take on a larger importance in international politics.

Its political stances have drawn the ire of its neighbors, particularly Saudi Arabia, OPEC’s largest exporter.
In June 2017, Bahrain, Egypt, Saudi Arabia and the United Arab Emirates cut ties to Qatar in a political dispute that continues to this day.
They also launched an economic boycott, stopping Qatar Airways flights from using their airspace, closing off the small country’s sole land border with Saudi Arabia and blocking its ships from using their ports.

They say the crisis stems from Qatar’s support for extremist groups in the region, charges denied by Doha.

The four nations have also pointed to Qatar’s close relationship with Iran, with which its massive offshore gas field. Qatar restored full diplomatic ties to Iran amid the dispute.
OPEC, or the Organization of the Petroleum Exporting Countries, was formed in 1960 as a reaction to Western domination of the oil industry.
Qatar was the first nation outside of its founding members to join the cartel, entering its ranks in 1961.

Qatar is a nation about the size of the US state of Connecticut, which juts out from the Arabian Peninsula into the Persian Gulf. It hosts the al-Udeid Air Base, the home of the forward headquarters of the US military’s Central Command and some 10,000 American troops.
With Qatar, OPEC had 15 members, including Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela.
OPEC sets production targets for its members in an effort to control the price of oil available on the global market.

However, in recent years, oil-producing nations outside of the group like the United States and Russia have played a larger role in affecting prices.
Among its members, Saudi Arabia by far is its largest oil exporter, hitting a record high in November of over 11 million barrels of oil a day.
President Donald Trump repeatedly has criticized both OPEC and American ally Saudi Arabia over rising oil prices in recent weeks, demanding a production hike to drive down US gasoline prices.

That rising supply, coupled with the Trump administration allowing many countries to continue to import Iranian oil despite his targeting of Tehran with sanctions, has seen global prices drop.

Benchmark Brent crude for instance reached over USD 85 a barrel in early October, only to drop sharply in the time since. It was just over USD 62 a barrel in trading Monday. AP

 

Comments

comments

Related Articles

ADVERTISEMENT

IMPORTANT

Please disable your ad blocker to view this site at it’s best, we do not display spam advertisements (Popups & full Page Ads) or any explicit material.
Advertisements serve as a minor source of income for maintaining the website.
Thanks

Submit Feedback – Website Department 

50 SPIRITUAL APPETIZERS – VINOD DHAWAN

50-ad-Indiapost

It’s a lovely book. It feels energetically clear and light. It’s easy to read, dip in and out and most importantly it offers information without fluff! Blessings on this project.

Jac O’Keeffe
Spirituality teacher based in USA.

*Available on Amazon, Flipkart & other online stores*

Follow us on twiter



Polls

Will PM Narendra Modi now show some humility?

View Results

Loading ... Loading ...


E-paper

POPULAR CATEGORIES

Subscribe To Our Mailing List

Enter your email address:

Delivered by FeedBurner

Subscribe to IndiaPost by Email

Facebook

Download Media Kit