Qatar Withdrawing From OPEC and Would be First Mideast Member to Leave

Qatar announced on Monday it would withdraw from OPEC because it wants to increase production more than Saudi Arabia will permit.

This would be the first Mideast member to leave. Only Indonesia has ever left in the past. OPEC started in 1960.

In a statement, al-Kaabi said Qatar, the world’s largest exporter of liquified natural gas, planned to increase its exports from 77 million tons of gas per year to 110 million tons. He also said Qatar wants to raise its oil production from 4.8 million barrels of oil equivalent a day to 6.5 million barrels.

Qatar is the world’s largest exporter of liquified natural gas. They plan to increase its exports of liquified natural gas from 77 million tons of gas per year to 110 million tons. Qatar wants to raise its oil production from 4.8 million barrels of oil equivalent a day to 6.5 million barrels.

Qatar has a population of 2.6 million people.

Between 5 and 6 June 2017, Saudi Arabia, the UAE, Yemen, Egypt, the Maldives, and Bahrain all separately announced that they were cutting diplomatic ties with Qatar. Saudi Arabia and the UAE notified ports and shipping agents not to receive Qatari vessels or ships owned by Qatari companies or individuals. Saudi Arabia closed the border with Qatar. Saudi Arabia restricted its airspace to Qatar Airways.

Saudi statements regarding Qatar were contradictory. They claimed Qatar was supporting Iran and also claimed Qatar was funding Sunni extremists fighting against Iran.

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