Qatar’s decision to exit OPEC does not mean confrontation, the expert believes

© AP Photo / Hasan JamaliДобыча oil. Archival photoQatar’s decision to exit OPEC does not mean confrontation, the expert believes© AP Photo / Hasan Jamali

Following the General policy of OPEC is not necessarily due to formal membership in this cartel, Qatar’s decision to exit OPEC does not mean confrontation, commented to RIA Novosti, European economist, head of the Foundation College of Europe «Madriaga» Pierre Defrag.

Earlier on Monday, state Minister for energy of Qatar Saad bin Shreda al-Kaabi said that the country had adopted a decision on withdrawal from OPEC because of the desire to focus on the production of gas and production of liquefied natural gas. According to him, this decision was not political and not caused by contention with other countries. In addition, Qatar will continue to fulfill international agreements after leaving the cartel as any country outside of the organization. Qatar plans on Monday to inform OPEC on the country’s withdrawal from the organization in January.

«How will this affect (oil — ed.) rates, to say definitely not, considering the interest of Qatar (the country is a very small producer of oil, about 600 thousand barrels per day – ed.)», — told RIA Novosti Defrag

«However, we must understand that the main thing is not to be a member of OPEC, and to comply with the Directive of the cartel. In this respect there are two groups – members of OPEC, who did not obey the requirements of the cartel, and those who, not being its members, in practice, follow his policy. I believe that a country like Qatar, is strategically too fragile to be a confrontation with the international community, she has no political weight, and she can’t play the game without allies,» he added.

Qatar joined OPEC in 1961. The country is the largest producer of liquefied natural gas (LNG) in the world. Qatar operates 11 LNG plants with a total capacity of 77 million tons per year. According to the November report, OPEC oil production of Qatar in October was 609 thousand barrels per day. Thus, the country ranks in the Alliance eleventh place in terms of oil production.

Qatar’s decision to exit OPEC does not mean confrontation, the expert believes© Vitaly Pedicellata just Catharsis

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