US Crude Oil Price Breaks Higher, May Rally Further

04 December, 2018, 00:16 | Author: Teresa Adams
  • Crude Oil Prices Gap Rise. Russia Saudi Arabia Eye Output Cuts

Qatar, a member since 1961, is leaving to focus on its natural gas production and has informed the Organization of Petroleum Exporting Countries of its decision, Energy Minister Saad Sherida Al-Kaabi told a news conference in Doha on Monday.

Also adding the bid tone are expectations that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russian Federation would announce supply cuts this week to rein in supply overhang.

Despite having an abundance of oil, Qatar itself is a very small country.

Qatar refutes the allegations and claims rivals want to overthrow its government.

OPEC is dominated by oil-rich Saudi, which along with its allies has had no ties with Qatar since June 2017. The country also holds the third largest natural gas reserve in the world.

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Qatar said on Monday it was quitting OPEC from January 2019 but would attend the oil exporter group's meeting this week.

Qatar's decision "should not impact the decision to make production cuts this week", according to Kelty, who said "the real issue is the scale of any cuts, along with timeframe and baseline against which production will be reduced".

Benchmark Brent crude, for instance, reached over $85 a barrel in early October, only to drop sharply in the time since.

While the move is merely symbolic for Qatar, a founding member quitting OPEC after 57 years can not look positive for the organization, John Hall, chairman of Alfa Energy, a UK-based consulting company said in an interview with RT.

Doha says its decision is centred on plans to increase gas production from 77 million tonnes annually to 110 million tonnes.

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There's also been a shift in the way energy exports are shared from Qatar.

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. There was no immediate comment from Vienna-based OPEC. A Saudi-led coalition implemented a blockade on Qatar in June past year, severing diplomatic, trade and transport links as they accused Doha of funding extremist groups and being too close to Iran.

Naeem Aslam, an analyst at online broker ThinkMarkets.com, told The Guardian that the other 14 members of OPEC had not assessed the full impact of Qatar's exit.

The decision was announced on Monday by the country's Energy Minister, Saad al-Kaabi.

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