Why is Qatar leaving OPEC?
Qatar is set to quit the 15-nation bloc after more than 50 years, saying it will instead focus on natural gas.
Qatar is leaving the Organisation of the Petroleum Exporting Countries, or OPEC, the first Gulf country to pull out since joining more than half a century ago.
Qatar plans to expand its role as the world’s number one exporter of liquefied natural gas (LNG) and boost production by more than 50 percent to 110 million tonnes a year.
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The decision to quit OPEC comes just days before a crucial meeting of members in Vienna to discuss cutting supplies.
Oil prices reached a four-year high of more than $80 a barrel a couple of months ago but have now dropped to about $60.
What does this mean for the global energy market?
Presenter: Richelle Carey
Guests:
Abdullah Baabood – academic and researcher focusing on the Gulf region and the Middle East
Cornelia Meyer – economist and energy expert
Manouchehr Takin – former OPEC official