Qatar made headlines recently after the long-standing OPEC member said that it was leaving the group of oil-exporting nations at the end of the year. That will drop OPEC’s membership roll down to 14, although as the 11th largest producer in the group, Qatar’s exit will only impact OPEC’s production by about 2%.
While Qatar isn’t a major oil exporter, it’s the world leader in liquified natural gas (LNG). It’s leaving the oil-focused OPEC so that it can turn the bulk of its attention to not only its top commodity, but a cleaner-burning fuel source that’s growing increasingly important to meeting global energy demand.
Qatar was the first new country to join OPEC, becoming a member about a year after five nations founded the organization in 1960. However, about a decade later, the country discovered a massive gas field off its northeast coast, dubbed North Field. Read more
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