Qatar announces pullout from OPEC in 2019

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Qatar joined OPEC a year after the organization was founded.

President Donald Trump repeatedly has criticized both OPEC and American ally Saudi Arabia over rising oil prices in recent weeks, demanding a production hike to drive down US gasoline prices.

The decision was "technical and strategic" and had 'nothing to do with the blockade, ' he said.

According to OPEC, Qatar produced only about 1% of OPEC member states' total output of petroleum in October 2018, the most recent month for which there is data.

With drilling activity still high, most analysts expect United States oil production to rise further in 2019.

"They are not a big producer, but have played a big part in it's (OPEC) history", the source said.

In another report by Legit.ng, the Department of Petroleum Resources (DPR) on Monday, November 26, said Nigeria lost its most valued crude oil buyers, even as its erstwhile gas customers were now competing with it. It was just over $62 a barrel in trading Monday. Qatar has been an OPEC member for 57 years.

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"Achieving our ambitious strategy will undoubtedly require focused efforts, commitment and dedication to maintain and strengthen Qatar's position as the leading LNG producer", Al-Kaabi said in a statement.

Doha, one of OPEC's smallest oil producers but the world's biggest liquefied natural gas (LNG) exporter, is embroiled in a protracted diplomatic row with Saudi Arabia and some other Arab states.

Relations within OPEC are sometimes frayed and observers have often speculated that the group could fracture.

In the history of the cartel, three nations have left the organization, although two later re-joined.

At the meeting, the producer group, as well as non-OPEC member Russian Federation, is expected to announce supply cuts aimed at reining in a production overhang that has pulled down crude prices by around a third since October. It's the first Middle Eastern nation to leave the group.

On June 9, 2017, Qatar strongly dismissed allegations of supporting terrorism after the Saudi regime and its allies blacklisted dozens of individuals and entities purportedly associated with Doha.

Qatar's wealth also has seen it take on a larger importance in global politics. If passed, the NOPEC bill could open up members of the group to legal attacks under the Sherman Antitrust Act of 1890, used more than a century ago to break up the oil empire of John Rockefeller.

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