Qatar to withdraw from OPEC early 2019

The decision to withdraw from OPEC came after Qatar reviewed ways to enhance its role internationally and plan its long-term strategy. (File/AFP)
Updated 03 December 2018
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Qatar to withdraw from OPEC early 2019

  • The announcement comes ahead of the meeting by OPEC and its allies including Russia on Dec. 6-7 to discuss cutting supply
  • Qatar would still attend an OPEC meeting in Vienna this week

DOHA: Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country’s energy minister said on Monday.
The decision came after Qatar, one of OPEC’s smallest producers but the world’s largest liquefied natural gas exporter, reviewed ways to enhance its role internationally and plan long-term strategy, including focusing on its gas industry, he said.
“Qatar has decided to withdraw its membership form OPEC effective January 2019 and this decision was communicated to OPEC this morning,” he told a news conference, adding that Qatar would still attend an OPEC meeting in Vienna this week.
The announcement comes ahead of the meeting by OPEC and its allies including Russia on Dec. 6-7 to discuss cutting supply.
The minister said the decision was not easy as Qatar has been in OPEC for 57 years, but that the country’s impact on OPEC production decisions was small.
He stressed that Doha would continue to abide by all its commitments like any other non-OPEC oil producer.
The withdrawal decision reflects Qatar’s intent to focus its efforts on developing its natural gas industry, the minister said, as the Gulf Arab state moves to increase LNG production from 77 million to 110 million tons annually.

On Monday, the UAE's foreign minister Anwar Gargash tweeted that the decision by Qatar to withdraw highlighted how isolated Doha had become and that he expected Qatari media to launch a smear campaign on OPEC.

 


Saudi Arabia, China sign $28 billion worth of economic accords

Updated 22 February 2019
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Saudi Arabia, China sign $28 billion worth of economic accords

  • A total 35 agreements had been signed at a joint investment forum held by Saudi Arabia’s investment agency SAGIA

DUBAI: Saudi Arabia and China signed economic cooperation agreements worth a total of $28 billion at a joint investment forum during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing, Saudi state news agency SPA said on Friday.
It said 35 agreements had been signed at the forum, held by Saudi Arabia’s investment agency SAGIA. It also said four licenses for Chinese companies had been awarded at the forum.

The forum, which coincided with the official visit of Crown Prince Mohammed bin Salman China as part of his Asian tour, aimed at enhancing opportunities for joint cooperation between the two countries in various fields.

Other cooperation agreements signed during the forum included areas of the Kingdom's target sectors such as renewable energy aimed at activating cooperation and consultation frameworks in the field of investment development in wind turbines by manufacturing Electric control devices, wind turbine structures, turbine blades and wind generators with an investment of $ 18 million.

The agreement aims to open up to 800 new job opportunities in one of the most targeted sectors of sustainable development.