Qatar says rejoining OPEC would not fit with its strategy

Qatar will not rejoin OPEC because trying to sway global oil prices doesn’t fit with its strategy, said Energy Minister Saad Al-Kaabi at a press conference.

Qatar decided to leave the cartel in late 2018, saying its exit was ‘technical’ and a matter of strategy as it shifted its focus to natural gas as its main export.

It had been a member of the Organization of Petroleum Exporting Countries since 1961.

But observers saw the move as the result of a rift between Qatar and some of its neighbours. The producer-group’s de-factor leader, Saudi Arabia and the United Arab Emirates led an embargo against the Gulf country between 2017 and early-2021. The two countries, as well as Bahrain and Egypt, restored ties with Qatar in January.