OPEC agrees on lower oil production

OPEC member countries and their allies have agreed to cut oil output by 1.2 million barrels / day. This arrangement comes as oil prices have fallen by -30% in the last two months. Two-thirds of the decline, or nearly 1% of world production, will come from the 14 member countries of the Organization.

Photo: HE Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Industry; and President of the OPEC Conference

Qatar withdraws from OPEC

On Monday, December 3, Qatar’s Energy Minister Saad al-Kaabi, has announced the country’s withdrawal from OPEC (Organization of the Petroleum Exporting Countries) as of January 2019.

Member of the organization  since 1961 with a production of 600,000 barrels per day, Qatar was one of the smallest members.