December 3, 2018
Vienna, Austria
The future of OPEC is on shaky ground, an analyst told CNBC on Monday, after Qatar abruptly announced it would sever ties with the influential oil cartel after almost six decades.
Qatar's Energy Minister Saad al-Kaabi said at a news conference Monday that Doha would leave OPEC on January 1, 2019. The decision comes just days before OPEC and its allies are scheduled to hold a much-anticipated meeting in Vienna, Austria.
"This is big," Andy Critchlow, head of EMEA energy content at S&P Global Platts, told CNBC's "Squawk Box Europe."
"In the 20 years that I've been covering OPEC, I can't think of anything that is bigger than this (and) that is a more systemic risk to the future of OPEC."
Qatar's energy minister said the country would leave OPEC and focus on gas production. He denied the move was linked to an 18-month political and economic boycott of the country.
Since June 2017, OPEC kingpin Saudi Arabia — along with three other Arab states — has cut trade and transport ties with Qatar, accusing the country of supporting terrorism and its regional rival Iran. Qatar denies the claims, saying the boycott hampers its national sovereignty.
The Middle East-dominated group's final meeting of the calendar year is now expected to be Qatar's last. It has been an official OPEC member since 1961.
Source : www.CNBC.com
Vienna, Austria
The future of OPEC is on shaky ground, an analyst told CNBC on Monday, after Qatar abruptly announced it would sever ties with the influential oil cartel after almost six decades.
Qatar's Energy Minister Saad al-Kaabi said at a news conference Monday that Doha would leave OPEC on January 1, 2019. The decision comes just days before OPEC and its allies are scheduled to hold a much-anticipated meeting in Vienna, Austria.
"This is big," Andy Critchlow, head of EMEA energy content at S&P Global Platts, told CNBC's "Squawk Box Europe."
"In the 20 years that I've been covering OPEC, I can't think of anything that is bigger than this (and) that is a more systemic risk to the future of OPEC."
Qatar's energy minister said the country would leave OPEC and focus on gas production. He denied the move was linked to an 18-month political and economic boycott of the country.
Since June 2017, OPEC kingpin Saudi Arabia — along with three other Arab states — has cut trade and transport ties with Qatar, accusing the country of supporting terrorism and its regional rival Iran. Qatar denies the claims, saying the boycott hampers its national sovereignty.
The Middle East-dominated group's final meeting of the calendar year is now expected to be Qatar's last. It has been an official OPEC member since 1961.
Source : www.CNBC.com