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tarik
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king Salman Extends Invitation 2 Qatari Emir 2 Attend GCC Summit In Riyadh & Qatar 2 Pull Out From Opec!!!

Post by tarik » 05 Dec 2018, 10:57


Saudi king extends invitation to Qatari emir to attend GCC summit
Doha has yet to confirm the level of representation it will send to the Gulf gathering on December 9.

8 hours ago
Saudi Arabia, along with fellow Gulf countries Bahrain and the UAE, cut off relations with Qatar in June 2017 [File: Tomohiro Ohsumi/Reuters]
Saudi Arabia, along with fellow Gulf countries Bahrain and the UAE, cut off relations with Qatar in June 2017 [File: Tomohiro
yesterday
Saudi Arabia's King Salman has invited Qatar's Emir Sheikh Tamim bin Hamad Al Thani to attend the upcoming Gulf Cooperation Council (GCC) summit set to take place in Riyadh on December 9, the official Qatar News Agency reported.

The announcement on Tuesday follows Qatar's decision a day earlier to withdraw from the Organisation of Petroleum Exporting Countries (OPEC), a move seen by some analysts as deeply symbolic given Qatar's modest oil output.

Qatar News Agency (QNA) said in a tweet the emir received "an invitation from the King of Saudi Arabia" for the meeting.

The invitation was delivered by the Bahraini secretary general of the GCC, Abdullatif bin Rashid Al Zayani, during a reception by Qatar's Minister of State for Foreign Affairs Sultan bin Saad Al Muraikhi.

QNA did not say if Sheikh Tamim would travel to Saudi Arabia.

A quartet of Arab states, composed of Saudi Arabia, the United Arab Emirates (UAE), Bahrain, as well as non-GCC member Egypt, imposed a land, sea and air blockade on Doha in June 2017.

The Saudi-led bloc accuses Doha of abetting "terrorism" and contributing to instability in the region, allegations Qatar has categorically denied.

At last year's GCC summit, held in Kuwait, Saudi Arabia, the UAE and Bahrain sent ministers or deputy prime ministers, rather than heads of state.

Kuwait, which has been mediating between Qatar and the bloc, said last month all six GCC member states were expected to attend the Riyadh summit.

READ MORE
Qatar quits OPEC as Saudis walk tightrope on oil prices
"I am optimistic that the level of representation is expected to be high and reflects the keenness of GCC leaders to maintain this pioneering experience," Kuwaiti Deputy Foreign Minister Khaled Al-Jarallah was quoted as saying at the time.

A political and economic alliance shaped after the European Union, the GCC took a hard hit after the quartet cut off relations with Doha.

The United States, a GCC ally, has also tried to mediate in the Gulf dispute, which it sees as a risk in its efforts to contain regional power Iran. Qatar is home to the largest US airbase in the Middle East.

But Saudi Arabia and the UAE have repeatedly said resolving the dispute was not a top priority for them.

The diplomatic crisis over Saudi journalist Jamal Khashoggi 's killing, however, has put pressure on Riyadh.

Following Khashoggi's killing, Saudi Crown Prince Mohammed bin Salman (MBS) last month praised Qatar's economy in a rare conciliatory remark.


WATCH: GCC crisis, one year on - What's the impact on Gulf economies? (57:50)

SOURCE: AL JAZEERA NEWS
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Qatar to pull out of Saudi-dominated OPEC amid Doha boycott
By JON GAMBRELL
December 3, 2018

1 of 5
FILE - In this May 5, 2018, file photo, a taxi passes by a building with an image of emir of Qatar, Sheikh Tamim bin Hamad Al Thani, in Doha, Qatar. The tiny, energy-rich Arab nation of Qatar announced on Monday, Dec. 3, 2018 it would withdraw from OPEC, mixing its aspirations to increase production outside of the cartel's constraints with the politics of slighting the Saudi-dominated group amid the kingdom's boycott of Doha. (AP Photo/Kamran Jebreili, File)

DUBAI, United Arab Emirates (AP) — The tiny, energy-rich Arab nation of Qatar announced Monday it will withdraw from OPEC in January, a rebuke of the Saudi-dominated cartel as the kingdom’s boycott of Doha continues unabated and a crucial meeting of the group looms this week.

The surprise declaration could make Qatar the first Middle East nation to leave the cartel since its founding in 1960. It again injects politics into an organization that long has insisted it is nonpartisan, stealing headlines just as the cartel deliberates production cuts to halt a slide in global crude oil prices.


Although contributing only a fraction of OPEC’s overall production, Qatar’s decision also throws into question the viability of the cartel. Once muscular enough to grind America to a halt with its 1970s oil embargo, OPEC needed non-members like Russia to push through a production cut in 2016 after prices crashed below $30 a barrel. That’s unlikely to change, especially as the United States regained the throne of the world’s top oil producer.

“The Qatari leadership is no longer interested in remaining an active part of an organization that largely shuns it,” the Eurasia Group said in an analysis. “The two individuals that markets focus on are Saudi Arabia’s energy tsar Khalid al-Falih and Russia’s Alexander Novak. Qatari energy officials are not consulted, at the very least not sufficiently, and its leaders are no longer an active part of the organization’s machine.”

The decision was announced by Saad Sherida al-Kaabi, Qatar’s minister of state for energy affairs. He said Qatar, the world’s largest exporter of liquefied natural gas, planned to increase its exports from 77 million tons of gas per year to 110 million tons. He also said Qatar wants to raise its oil production.


A gas production facility at Ras Laffan, Qatar. (AP Photos/Maneesh Bakshi, File)
“In light of such efforts and plans, and in our pursuit to strengthen Qatar’s position as a reliable and trustworthy energy supplier across the globe, we had to take steps to review Qatar’s role and contributions on the international energy scene,” al-Kaabi said.

There was no comment from Vienna-based OPEC, which meets Thursday to discuss possible production cuts. In November, al-Falih said OPEC and allied oil-producing countries will probably need to cut crude supplies, perhaps by as much as 1 million barrels of oil a day, to rebalance the market.

Qatar produces only about 600,000 barrels of crude oil a day, making it OPEC’s 11th biggest producer. The loss of production, under 2 percent of overall OPEC supply a day, won’t greatly affect the cartel’s position in the market.

Anas Alhajji, an oil analyst, said Qatar’s decision “has no impact on the market either way whether they’re in or they’re out.”

“The cost for them is higher than the benefit” of remaining in OPEC, Alhajji said. “This is just like shutting down a losing business.”

Sheikh Hamad bin Jassim Al Thani, Qatar’s former prime minister who remains a powerful figure in the country, called the withdrawal from OPEC a “wise decision.”

“This organization has become useless and adds nothing to us,” Sheikh Hamad wrote on Twitter. “They are used only for purposes that are detrimental to our national interest.”

Qatar, a country of 2.6 million people where citizens make up over 10 percent of the population, discovered its offshore North Field gas deposit in 1971, the same year it became independent.

It took years for engineers to discover the field’s vast reserves, which shot Qatar to No. 3 in world rankings, behind Russia and Iran, with which it shares the North Field. It also has made the country fantastically wealthy, sparking its successful bid for the 2022 FIFA World Cup.

Qatar also hosts the al-Udeid Air Base, the home of the forward headquarters of the U.S. military’s Central Command and about 10,000 U.S. troops.

Qatar’s wealth has seen it take on a larger importance in international affairs. Its political stances, often supporting Islamists, have drawn the ire of its neighbors, particularly Saudi Arabia, OPEC’s largest exporter.

In June 2017, Bahrain, Egypt, Saudi Arabia and the United Arab Emirates cut ties to Qatar in a political dispute that is still going on. They also launched an economic boycott, stopping Qatar Airways flights from using their airspace, closing the country’s sole land border with Saudi Arabia and blocking its ships from using their ports.

They say the crisis stems from Qatar’s support for extremist groups in the region, charges denied by Doha. The four nations also have pointed to Qatar’s close relationship with Iran. Qatar restored full diplomatic ties to Iran amid the dispute.

OPEC, or the Organization of the Petroleum Exporting Countries, was formed in 1960 as a reaction to Western domination of the oil industry.


Qatar was the first nation outside of its founding members to join the cartel, entering its ranks in 1961. Counting Qatar, OPEC has 15 members, including Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela. OPEC nations like Ecuador, Gabon and Indonesia have either withdrawn or suspended their membership in the past, only later to rejoin. Qatar could potentially do the same.

OPEC sets production targets for its members in an effort to control the price of oil available on the global market.

President Donald Trump repeatedly has criticized both OPEC and U.S. ally Saudi Arabia over rising oil prices in recent weeks, demanding a production increase to drive down U.S. gasoline prices. That rising supply, coupled with the Trump administration allowing many countries to continue to import Iranian oil despite his targeting of Tehran with sanctions, has seen global prices drop.

Benchmark Brent crude, for instance, reached over $85 a barrel in early October, only to drop sharply in the time since. It traded at just over $61 a barrel Monday.

___

This story has been corrected to show that the name of the minister is Saad Sherida al-Kaabi.


kerenite
Member
Posts: 1592
Joined: 16 Nov 2013, 13:15

Re: king Salman Extends Invitation 2 Qatari Emir 2 Attend GCC Summit In Riyadh & Qatar 2 Pull Out From Opec!!!

Post by kerenite » 05 Dec 2018, 12:49

Tarikom,

It is a sort of political protocol. The smart emir of Qatar will summon a low ranking official to represent him.

Awash
Senior Member+
Posts: 24086
Joined: 07 Aug 2010, 00:35

Re: king Salman Extends Invitation 2 Qatari Emir 2 Attend GCC Summit In Riyadh & Qatar 2 Pull Out From Opec!!!

Post by Awash » 05 Dec 2018, 14:40

Qatar May Be About to Annoy Saudi Arabia Even More

Quitting OPEC won’t mean very much. Quitting the Gulf Cooperation Council would have far costlier repercussions.

By Bobby Ghosh
December 5, 2018, 3:00 AM EST
https://www.google.com/amp/s/www.bloomb ... f-alliance

Awash
Senior Member+
Posts: 24086
Joined: 07 Aug 2010, 00:35

Re: king Salman Extends Invitation 2 Qatari Emir 2 Attend GCC Summit In Riyadh & Qatar 2 Pull Out From Opec!!!

Post by Awash » 05 Dec 2018, 15:01

Lindsey Graham's Plan for Regime Change in Saudi Arabia

Wednesday, 05 Dec 2018 11:43 AM

Give Lindsey Graham credit. When it comes to regime change, at least he is consistent. The Republican senator from South Carolina has supported the removal of dictators from U.S. adversaries such as Iraq and Libya, and now he wants new leadership for a crucial U.S. ally: Saudi Arabia.

Crown Prince Mohammed bin Salman "is a wrecking ball," Graham said at a press conference Tuesday after he and a small group of senators had received a CIA briefing on the October murder of Washington Post journalist Jamal Khashoggi. "If the Saudi government is going to be in the hands of this man for a long time to come, I find it very difficult to be able to do business because I think he’s crazy, I think he’s dangerous and he has put this relationship at risk."...
Read more: https://www.newsmax.com/t/newsmax/artic ... google.com

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