OPEC+ monitoring committee to discuss Qatar’s withdrawal from oil cartel on December 5

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MOSCOW, December 4. /TASS/. The OPEC+ monitoring committee will discuss Qatar’s withdrawal from the oil cartel on Wednesday, Russian Energy Minister Alexander Novak told reporters on Tuesday.

“(We will) discuss it tomorrow,” he said when answering a respective question.

On December 5, OPEC+ ministers will also continue talks on reduction of crude oil output in 2019, Novak said, when asked, to which level Russia is ready to reduce production within OPEC+ in 2019.

Qatar that has been member of the oil cartel since 1961, will withdraw from OPEC starting January 1, 2019, as reported earlier. According to OPEC’s data, in October, the country produced 609,000 barrels of oil per day. In 2016, prior to the OPEC+ deal, production amounted to 656,000 barrels per day.

The country’s share in the total crude production of OPEC nations is less than 2% (32.9 mln barrels per day), whereas Qatar is the world’s biggest exporter of liquefied natural gas (LNG).

Earlier reports said that the meeting of the OPEC+ ministerial monitoring committee will be held on December 5 in Vienna, ministers of OPEC member-states will meet on December 6, while ministers of the countries participating in the OPEC+ agreement will meet on December 7.

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