Qatar wants to leave the organization of petroleum exporting countries (Opec) after 57 years. As energy Minister Sherida al-Kaabi in Doha announced that the membership of the Emirate in Opec in January 2019. According to the state news Agency QNA, the organization, based in Vienna, was informed of this decision already.

According to the Minister, wants to focus on Qatar in the future to increase gas production. Al-Kaabi, the amount should increase until, at the latest, 2024 annual 77 million tons to 110 million tons.

Already the largest LNG producer in the world and supplies the world market with around 30 percent of the total amount. The Gas comes mainly from the South Pars field off the coast of the Emirate, the largest gas field in the world, the shares of Qatar with Iran.

This cooperation with the leadership in Tehran, it also provides for months for the dispute with Saudi Arabia – the world’s largest oil producers – as well as with Bahrain, the United Arab Emirates and Egypt. These had terminated in the summer of 2017 their diplomatic relations with Qatar and a trade and transport blockade imposed. They accuse the Gulf state of “supporting terrorism” and to maintain close relations with the Shiite Iran – the sworn enemy of Saudi Arabia -.

Doha denied these allegations.

this week, want to meet the Opec members as well as other important producing countries, in order to advise, especially about the decline in the price of Oil in recent weeks. Most recently, Saudi Arabia had extended its agreement with Russia in which both countries agree to greater control of the oil market.

experts now expect a further throttling of the flow rates of the exporting countries over-production and a further fall in prices, prevent want. In Canada, non-Opec had responded to the province of Alberta, this weekend. The most important oil-producing region in the country wants to reduce the production significantly, to the high stock levels.

The consequences of these two decisions were already on the commodity markets, where prices rose for the first time since October. A Barrel (159 litres) of North sea Brent hit there 62,33 US Dollar – and, therefore, 2,87 dollars, or roughly five percent more than for the week ending last Friday. The price for American crude oil West Texas Intermediate (WTI) rose – 2.70 dollars on 53,63 dollars.