The top officials and ministers from Organization of Petroleum Exporting Countries (OPEC) and other major oil producing countries are scheduled to meet tomorrow, i.e, 06/12/2018 in Vienna, Austria to discuss the current crisis of oversupply of crude oil into the market.
However, the meeting has already been foreshadowed by unfavourable signs as Qatar has announced to quit the bloc next month in order to focus on liquefied natural gas production. Qatar who has been a member of the OPEC for nearly six decades is regarded as a relatively small oil producer among the cartel.
As contrary to the speculation, Qatar’s Energy Minister Saad Sherida al-Kaabi dismissed the notion that Qatar was quitting the OPEC because of the existent conflicts between Doha and OPEC’s de-facto leader Saudi Arabia. According to several reports, Saudi Arabia has led a land, sea and air blockade against Qatar since June 2017.
In order to resolve the dispute, Saudi Arabia King Salman bin Abdulaziz Al Saud sent an invitation to the emir of Qatar. Qatar News Agency tweeted, “HH the Amir received a written message from King of Saudi Arabia, inviting HH the Amir to attend the 39th Summit of the Supreme Council of the GCC that will be hosted by the Kingdom on December 9.”