News center
Xinhai wins opportunities and future with innovation.
Position:
Homepage
>
>
>
Suddenly! Qatar announces withdrawal from OPEC, world oil order changes!

Suddenly! Qatar announces withdrawal from OPEC, world oil order changes!

(Summary description) According to previous news, OPEC and its allies will meet in Vienna on December 6 and decide to work to stabilize the oil market and reverse the plunge in oil prices. Saudi Arabia took the lead in an

Suddenly! Qatar announces withdrawal from OPEC, world oil order changes!

(Summary description) According to previous news, OPEC and its allies will meet in Vienna on December 6 and decide to work to stabilize the oil market and reverse the plunge in oil prices. Saudi Arabia took the lead in an

Information

  According to previous news, OPEC and its allies will meet in Vienna on December 6 and decide to work to stabilize the oil market and reverse the plunge in oil prices. Saudi Arabia took the lead in announcing a 500,000 barrel reduction per day to boost oil prices, and proposed that OPEC and its allies begin to reduce production by 1 million barrels from January 2019. Russian President Putin and Saudi Crown Prince Ben Salman announced after the G20 meeting that they agreed to extend the OPEC crude oil production reduction agreement to 2019.

 

  Although Qatar's energy minister, Al Qabi, said the withdrawal from the organization was a "technical and strategic" change and was not politically motivated.

 

  But from a geopolitical point of view, Qatar, a small Middle Eastern country, has deep grievances with the actual "boss" of Saudi Arabia of OPEC, and its relationship has continued to deteriorate. On June 5 last year, four countries, including Saudi Arabia, announced that they had broken diplomatic relations with Qatar and imposed an embargo on the country. Although Qatar has repeatedly expressed its willingness to ease relations, Saudi Arabia is quite tough and relations between the two countries are still deadlocked.

 

  In the OPEC organization, Qatar is also very non-existent. Although Qatar has joined OPEC for 57 years, in this organization that ranks seniors based on crude oil production, the monthly output of Qatar's hundreds of thousands of barrels and the boss's monthly output of more than 10 million barrels are only insignificant, so the right to speak is very small .

 

  However, as the world's largest LNG producer and exporter, Qatar is invincible in the natural gas field. The announcement to withdraw from OPEC this time is also to focus on the production of natural gas, and will no longer be committed to fulfilling the OPEC agreement. OPEC, a 58-year-old international crude oil organization, is also facing a dilemma.

 

  Before Qatar announced its withdrawal from OPEC, people familiar with the matter revealed that Saudi Arabia may consider dissolving OPEC in the future, partly under pressure from US and external investors. King Abdullah ’s Petroleum Research Centre (Kapsarc), the country ’s top think tank funded by the Saudi government, is studying the impact on the oil market after the split of OPEC, but this does not mean that the Saudi government is also actively discussing “recent departure from OPEC”. Within OPEC, it also started to become less harmonious. Some member states are dissatisfied with Saudi Arabia's approach to Russia and believe they have been marginalized in policy discussions. Saudi Arabia and Iran have always been geo-competitors. With the entry into force of US oil export sanctions on Iran, tensions between the first and third largest oil producers within the organization have also begun to affect OPEC's oil policy considerations.

 

  However, OPEC is being marginalized, and key decisions in the oil market have fallen into the hands of the three major oil producers in the United States, Russia and Saudi Arabia. (Article from the official website of Changxing Island Petrochemical Market)

Scan the QR code to read on your phone

Phone:+86-317-5907000/5606579

Address: Middle section of Nanshugang Road, Huanghua Port, Bohai New District, Cangzhou, Hebei Province

E-mail:xinhaigroup@hbxhhgjt.com

 

Hebei Xinhai Holding Co., Ltd.  Copyright ©  2019 All rights reserved     冀ICP备14018862号-1