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Mon Dec 3, 2018, 11:17 AM

Qatar is pulling out of OPEC to focus on gas


Dubai (CNN Business)OPEC is losing one of its oldest members.

The small, gas-rich state of Qatar said Monday that it will leave the oil cartel on January 1 after nearly 60 years. 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 newly-appointed minister of state for energy affairs, was cited as saying in one of the tweets.
Qatar has been under a diplomatic and economic embargo by its Arab neighbors, including OPEC members Saudi Arabia and the United Arab Emirates, for the past 18 months. In response, Qatar has been increasing gas production, the mainstay of its economy.

OPEC has no role in the global market for natural gas. And Qatar made no reference to the dispute with other Gulf states in its announcement, emphasizing plans to cement its position as the world's leading supplier of gas. Its exports currently account for about 30% of global demand.

"Achieving our ambitious growth strategy will undoubtedly require focused efforts, commitment and dedication to maintain and strengthen Qatar's position as the leading natural gas producer," Al-Kaabi said.

It's about time someone told OPEC to go F themselves.

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Reply Qatar is pulling out of OPEC to focus on gas (Original post)
IronLionZion Dec 2018 OP
Submariner Dec 2018 #1

Response to IronLionZion (Original post)

Mon Dec 3, 2018, 12:23 PM

1. Qatar constructed a huge gas processing plant and shipping terminal in Gas Laffan

north of Doha. There are huge tracts of gas reservoirs between Qatar and Iran that are the largest known reserves on the planet.

When surveying the future well points and pipeline routes it was observed that the Persian Gulf in these gas areas is only 70 feet deep. It is an easy resource to get to with no fracking/blasting required to get it.

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