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Qatar quits OPEC as Saudis walk tightrope on oil prices

2018-12-04 10:47:52       source:The Aljazeera

December 4, 2018

As ministers from OPEC and other major oil producing countries prepare to gather in Vienna for a crucial meeting later this week, the cartel is absorbing yet another hit to its waning influence.

The latest blow to the Organization of Petroleum Exporting Countries (OPEC) was delivered on Monday when Qatar announced it's quitting the bloc next month to focus on liquefied natural gas production.

Qatar is a relatively small oil producer and its decision to end its nearly six-decade-long membership in OPEC is not expected to have a major influence on energy prices.

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