News Analysis: Qatar's OPEC exit raises concerns over global oil policy-making

    Source: Xinhua| 2018-12-04 16:23:28|Editor: Shi Yinglun
    Video PlayerClose

    by Xinhua writers Ma Qian, Wang Naishui, Liu Yanan

    NEW YORK, Dec. 3 (Xinhua) -- Qatar's announcement Monday to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) sparked investors' concerns over a more volatile policy-making in the global oil market, amid persistent fears of oversupply and shrinking demand shown in constant price slides over the last two months.

    "The high volatility and large down move of the last 60 days will have a lasting impact on trading going into first quarter of 2019," said Albert Helmig, CEO of Grey House, a private consulting firm focused on market structure, risk management and price models.

    CONCERNS BUILD UP

    Qatar's decision to end its 57-year membership in the oil cartel on Jan. 1, 2019 came three days ahead of a meeting between the Saudi-led OPEC and its allies to reshape global oil policy to grapple with broad price drops.

    Qatar's Minister of Energy Saad al-Kaabi told press that Doha would still attend OPEC's upcoming meeting on Thursday and Friday in Vienna.

    "We are not saying we are going to get out of the oil business, but it is controlled by an organization managed by a country," said al-Kaabi.

    Al-Kaabi added that it would not be practical for Doha to "put effort and resources and time in an organization" in which Qatar was "a very small player, and didn't have a real say in what happens."

    The decision "does come at a time when OPEC needs to hammer out a deal in the face of market skepticism in the cartel's ability to control production," said Ann-Louise Hittle, head of Macro Oils at Wood Mackenzie, an Edinburgh-based global energy research and consultancy firm, in a press release.

    Hittle also pointed out that as the smaller nations of OPEC have a relatively passive role in the group's decision-making, "Qatar may also see that it has less to gain from its membership."

    The move exposed the deepening rift between Qatar and its Gulf neighbors since June 2017, when Saudi Arabia, the United Arab Emirates and others severed diplomatic ties with Qatar.

    Doha's quitting OPEC consequently gave rise to concerns that Saudi Arabia, Russia and the United States, the world's top three oil producers, would gain more control over global oil policy-making, as geopolitics has been one of the main drivers behind oil prices.

    Russia has recently shown its willingness to cooperate with OPEC in a potential oil output cut in the face of U.S. calls for a further pullback in oil prices.

    Investors had worried that Saudi Arabia would avoid confronting the United States over oil prices.

    "Prior OPEC-Russian efforts to cut production were effective for as long as a year, but ultimately the result is loss of market share to the United States and a return to low prices," said Chris Low, chief economist at U.S. securities broker firm FTN Financial, in a note to media.

    Helmig said that despite investors' anticipation of an OPEC announcement of a production cut, the market has been very cautious and "awaiting more details of size and timing of a production change."

    BIGGEST LNG PRODUCER

    Analysts said Qatar's decision would not have a significant impact on oil prices as its production accounts for only 2 percent of OPEC's total output. Yet the smallest Middle East oil producer in OPEC is currently the world's biggest liquefied natural gas (LNG) exporter.

    Al-Kaabi said his country plans to increase LNG output to 110 million tons per year by 2024, calling Doha's withdrawal decision part of a long-term strategy.

    Energy market watchers believed that Doha's latest move indicated that the small Gulf nation is seeking dominance in the global LNG market.

    "Qatar's OPEC exit underlines the country's aim to maintain its place in the global LNG market," said Lynn Morris-Akinyemi, a research analyst at Wood Mackenzie.

    Helmig also said the decision made sense given the volatile nature of global geo-politics. "Within the complex geo-politics inside OPEC and the focus on oil, the Qatari position is not a surprise. Their stated position is to focus on expanding their LNG portfolio."

    TOP STORIES
    EDITOR’S CHOICE
    MOST VIEWED
    EXPLORE XINHUANET
    010020070750000000000000011100001376503381
    主站蜘蛛池模板: 日韩精品无码成人专区| 色吊丝av中文字幕| 好男人影视官网在线www| 亚洲AV成人噜噜无码网站| 篠田优被公侵犯电影| 国产成人亚洲综合| 99re热精品这里精品| 日本五月天婷久久网站| 亚洲天堂2016| 精品一区二区三区3d动漫| 国产午夜福利短视频| 67194成l人在线观看线路无码| 成人免费ā片在线观看| 亚欧色一区w666天堂| 波多野结衣免费视频观看| 四只虎免费永久观看| 国产精品网址在线观看你懂的| 在线日韩理论午夜中文电影| 中文字幕视频在线| 机机对在一起30分钟软件下载 | 中文字幕在线播| 校园激情综合网| 亚洲精品国产精品乱码不99| 美女aⅴ高清电影在线观看| 国产好深好硬好爽我还要视频| 6一13小幻女| 天天躁日日躁狠狠躁性色AVQ| 丰满少妇被猛烈进入高清播放| 林俊逸高圆圆第1190章| 亚洲男人第一av网站| 真实男女xx00动态图视频| 国产乱在线观看完整版视频| 欧美日韩第一区| 国产精品自在线拍国产手机版| xx00动态图| 成品网站nike源码1688免费| 久久天天躁狠狠躁夜夜免费观看 | 人妻少妇精品视频一区二区三区| 老子午夜伦费影视在线观看| 国产成人无码av片在线观看不卡| 337p日本欧洲亚洲大胆艺术 |