The expert suggested, as the exit of Qatar from OPEC affect the oil price

© AP Photo / Hasan JamaliДобыча oil. Archival photoThe expert suggested, as the exit of Qatar from OPEC affect the oil price© AP Photo / Hasan Jamali

The decision of Qatar to withdraw from the organization of countries-exporters of oil (OPEC) will not have a negative impact on oil prices because of the speech about the collapse of the cartel does not go, said RIA Novosti Deputy Director of the corporate ratings group ACRA Basil Tanurkov.

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.

According to the expert, the statement of Qatar on withdrawal from OPEC profitable for the country, besides it is made immediately after news of the extension of the agreement OPEC+.

«One can hardly expect any serious negative impact on the oil price – yet we are not talking about the collapse of the cartel, especially since previously, there was news about the possibility of accession to the agreement on the freezing of production in Libya and Nigeria, which initially did not participate in the agreement,» he added Tanurkov.

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.

The expert suggested, as the exit of Qatar from OPEC affect the oil price© Infographicsrussia forces in the world oil market