Qatar leaves OPEC: A consequence of Saudi Arabia and Russia's dominance.
Iran believes that Qatar's decision to leave the Organization of Petroleum Exporting Countries (OPEC) reflects the frustration of smaller producers with the dominant role of Saudi Arabia and Russia.
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Referring to Doha's statement issued earlier that day, Iran's representative to OPEC, Hossein Kazempour Ardebili, said: "This is very regrettable and we understand their disappointment."
According to Ardebili, Qatar's decision reflects the growing anger of oil producers over what he describes as the unilateral approach of the OPEC ministerial Joint Monitoring Committee (JMMC), led by Saudi Arabia and Russia, in deciding on oil production cuts.
Iranian state media quoted Ardebili as saying: "Many other OPEC members have expressed disappointment that the JMMC made decisions on oil production unilaterally and without prior consensus from OPEC."
Earlier that day, Qatar's Energy Minister Saad al-Kaabi announced that the Gulf nation would withdraw from OPEC next January to focus on gas production. Qatar, a member of OPEC, made the decision amid a recent drop in global oil prices to below $50 per barrel, the lowest level in nearly 14 months.
