Sun. Dec 9th, 2018

The Qatari minister meets with the American after his announced departure from OPEC

The Qatari minister meets with the American after his announced departure from OPEC



Qatari Energy Minister Saad al-Kaabi met today with US Energy Secretary Rick Perry to strengthen the existing relations between the two countries, days after Qatar announced its withdrawal from the Organization of Petroleum Exporting Countries ( OPEC) next January.

Discussions between the two energy ministers in Doha addressed "bilateral ties and cooperation in the energy field," state oil company Qatar Petroleum said in a statement.

Also, this meeting focused on "strengthening the existing energy contracts between Qatar and the United States," the note said, without giving more details about the content of the meeting.

Today Kaabi, who is president of Qatar Petroleum, announced that he has signed an agreement with an affiliate of oil company ExxonMobil to acquire a 10% stake in three deepwater oil platforms in Mozambique.

This meeting comes days after the Qatari minister announced his withdrawal on January 1, 2019 from OPEC, which he was part of since 1961, to have independence and implement their plans to increase the production of hydrocarbons.

With a current production of about 600,000 barrels of crude oil per day, Qatar extracts just 2% of the total of fifteen members of the group.

The small emirate, the smallest OPEC country by size and population, has the third largest reserves of natural gas in the world, calculated at 23.8 trillion cubic meters. and is currently the largest exporter of this fuel.

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