Qatar’s withdrawal from OPEC unlikely to impact international oil prices: Ismail Iqbal Securities

MG News | December 27, 2018 at 01:37 PM GMT+05:00

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December 27, 2018 (MLN): Qatar’s decision to withdraw from OPEC came as a surprise after 57 years of membership, however, this decision is expected to be insignificant enough to have an impact on Global Oil Market, stated a research report by Ismail Iqbal Securities.

Ms. Sonia Manwani Sr. research analyst at Ismail Iqbal Securities, briefed Mettis Global News that the Qatar’s decision will have a limited impact on global oil prices as its production constitutes only 1.9% of OPEC-15 production, moreover, they are focusing more towards the production of natural gas as natural gas production forms the bulk of its energy resource.

Furthermore, it points to a path of heightened differences with Saudi Arabia. It also raises concerns about the sustainability of the cartel and OPEC’s role in influencing future crude oil prices.

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