OPEC, non-OPEC members to discuss Qatari withdrawal influence on oil deal

Moscow: The Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers will be discussing on Wednesday the influence that Qatari withdrawal from OPEC may have on the oil output cut deal, Russian Energy Minister Alexander Novak said here on Tuesday.

“We’ll discuss it tomorrow,” he told reporters on the sidelines of a forum.

On Wednesday, the 175th ordinary OPEC meeting will be held in Vienna, while the Austrian capital will also host meetings of the OPEC and non-OPEC Joint Ministerial Monitoring Committee and of all signatories of the oil output cut deal.

On Monday, Qatar announced its decision to withdraw from OPEC on January 1, 2019, in order to concentrate on boosting its liquefied natural gas production.

OPEC and several non-OPEC oil producers reached a deal in Vienna in 2016 to cut oil output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. Non-OPEC states pledged to jointly reduce oil output by 558,000 barrels per day. The agreement, which came into effect in 2017, has been extended twice since then and is set to remain in force until the end of 2018.