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Qatar leaves OPEC on 1, January

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Qatar leaves OPEC on 1, January
December 03
13:00 2018

Next year Qatar will leave OPEC. The Minister of Energy of the Middle Eastern state said that the country was not going to fulfill any obligations when the clock chimed midnight on 1, January. This decision is due to the Qatar intention to closely engage in the extraction of natural gas.

The country ranked eleventh in OPEC in terms of the production. It produces more than 600 thousand barrels per day. This is equal to 2% of the total production of the cartel.

The minister also noted that the withdrawal from OPEC would not affect the functioning of the organization.

We recall that OPEC is an international union that controls the quota for the world production of “black gold”.  At the moment, it consists of 15 states.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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