Qatar leaves OPEC: Consequences of Saudi Arabia and Russia's influence
Iran said Qatar's decision to leave the Organization of the Petroleum Exporting Countries (OPEC) showed frustration among small producers with the dominant role of Saudi Arabia and Russia.
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Referring to Doha's statement made earlier in the day, Iran's representative to OPEC, Hossein Kazempour Ardebili, said: "This is very regrettable and we understand their disappointment."
Qatar's decision reflects growing anger among oil producers over what he described as a unilateral approach by OPEC's Joint Ministerial Monitoring Committee (JMMC), led by Saudi Arabia and Russia, in deciding on oil production cuts, Ardebili said.
“Many other OPEC members have expressed disappointment that the JMMC decided on oil production unilaterally and without prior OPEC consensus,” Ardebili was quoted as saying by Iranian state media.
Earlier the same day, Qatar's Energy Minister Saad al-Kaabi announced that the Gulf country will withdraw from OPEC next January to focus on gas production. Qatar, a member of OPEC, made the decision in the context of oil prices on the world market falling below $50/barrel in recent days, the lowest level in nearly 14 months.
