Qatar’s decision to leave OPEC could be a sign of discontent among smaller producers with Saudi Arabia and Russia’s dominance over the cartel.
Qatar’s announcement that it plans to leave OPEC in January 2019, could foreshadow a major setback for Saudi Arabia. On its own, the decision seems unimportant. After all, Qatar is not a major oil producer. However, coupled with recent statements from Iran — another OPEC country allied with Qatar against Saudi Arabia — there may be signs of a revolt against Saudi dominance of the cartel.
Saad Sherida Al-Kaabi, Qatari Minister of State for Energy Affairs, speaks during a press conference in the capital Doha on December 3,2018. (AFP/Getty Images) Getty
For Qatar, membership in OPEC does not provide many benefits. It is a minor oil producer (although Qatar actually exports a significant amount of liquified natural gas) and has little influence on the decisions of OPEC.
