Qatar — among the world’s smallest countries by area and the richest in terms of per capita gross national income ($128,000 or Rs 90 lakh, according to World Bank figures) — announced Monday it was walking away from OPEC, a cartel of 15 countries that produce about 45% of the world’s oil and contain over 80% of its “proven” reserves.
OPEC was founded in 1960 by Saudi Arabia, Iraq, Iran, Kuwait, and Venezuela. Qatar joined in 1961. Saudi Arabia dominates the cartel, having pumped 11 million barrels per day in October. OPEC has a very big influence on global oil prices, which play a crucial role in determining the economic health of many countries, including India.
Why has Qatar left OPEC?
Energy Minister Saad Sherida al-Kaabi said Monday Qatar wanted to focus on its gas industry rather than on oil, in which it was in any case a small player. Read More