Qatar Says Rejoining OPEC Would Not Fit With Its Strategy
(Bloomberg) -- Qatar will not rejoin OPEC because trying to sway global oil prices doesn’t fit with its strategy, said Energy Minister Saad Al-Kaabi at a press conference.
There “absolutely nothing that would bring us back,” Al-Kaabi said.
Qatar decided to leave the cartel in late 2018, saying its exit was down to its increasing focus on natural gas as its main export. It had been a member of the Organization of Petroleum Exporting Countries since 1961.
But observers saw the move as the result of a rift between Qatar and some of its neighbors. The producer-group’s de-factor leader, Saudi Arabia and the United Arab Emirates led an embargo against the Persian Gulf country between 2017 and early-2021. The two countries, as well as Bahrain and Egypt, restored ties with Qatar in January.
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