Oil surges on trade truce and expected supply cuts

Qatar pulls out of Opec oil producers' cartel

Qatar pulls out of Opec oil producers' cartel

Qatar will officially exit OPEC on January 1, the country's energy minister, Saad al-Kaabi, said at a news conference in Doha on Monday.

Qatar's Energy Minister Saad Sherida al Kaabi insisted during a press conference that the decision was not linked to the economic and travel blockade on Doha by OPEC's top producer and de facto leader Saudi Arabia and the kingdom's allies - the UAE, Bahrain and Egypt.

This step by Qatar is an attempt to give more value to gas, which is usually costed against oil when companies make capital and operating expenditure decisions. Qatar has said the boycott is damaging for its national sovereignty and has denied the claims.

Doha is one of the smallest oil producers in the Organization of the Petroleum Exporting Countries.

The Organization of the Petroleum Exporting Countries meets on December 6 to decide output policy. Well, despite Qatar producing a tiny amount of the world's oil supply, it's still a move that will not be welcome in Mzansi.

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Muscat: Oil prices are expected to surge in the near future after Qatar announced it would leave the Organisation of Petroleum Exporting Countries (Opec).

OPEC, which Qatar joined in 1961, was informed of the decision ahead of the announcement, he said.

Qatar's emir, Sheikh bin Hamad al-Thani.

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.

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.

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Relations between Riyadh and Doha are at an all-time low as a result of the crisis, which has seen Saudi-led countries accuse Qatar of supporting terrorism and being too close to Iran.

Oil prices have fallen from a four-year high above $86 a barrel in early October on concerns over excess supply.

Meanwhile, Robin Mills, CEO of Qamar Energy, a consultancy firm based in Dubai, told CNN, "Qatar is a fairly small producer.It was not making very much, so it's not that significant in itself". OPEC nations like Ecuador, Gabon and Indonesia have either withdrawn or suspended their membership in the past, only later to rejoin.

Kaabi announced the break with OPEC just weeks after he was appointed to the energy minister post.

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