Qatar will pull out of OPEC amid tension with Saudi Arabia

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"It (the decision to come out of Opec) will allow the market to give Qatar the proper positioning as the largest exporter of gas in the world, and not tie it to oil", Samhouri said. He also said Qatar wants to raise its oil production. "Given Russia is a member of the GECF, but not OPEC, and is also one of the largest procurers of gas and oil, Qatar can now deepen cooperation with Russia, and also Iran".

On Monday, however, oil prices rebounded by 4 percent.

USA crude CLc1 pulled back from a rally early in the session, trading up 5 cents to $53.00 a barrel by 12:24 p.m. EST (1724 GMT) after gaining as much as 3 percent at $54.55. That has raised hopes that, with a cessation in further tit-for-tat tariffs, short-term economic growth and energy demand might be stronger than feared.

Despite the extreme volatility experienced in the oil industry, with expectations that this trend will continue, the World Bank noted that Russia's high level of global reserves ($461 billion), small worldwide debt (29% of GDP), and "comfortable import cover (15.9 months) positions Russian Federation well to absorb external shocks", the report reads.

Qatar said on Monday it was quitting the Organisation of the Petroleum exporting Countries (OPEC) from January to focus on its gas ambitions. Qatar has been feuding with Saudi Arabia and three other Arab nations that accuse it of financing terrorism.

After withdrawal from OPEC, Qatar can start to market Iranian oil to Asia and Europe, Sam Barden, director of the global trading and consulting company SBI Markets, told Trend Dec. 4.

The surprise announcement from Qatar's minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below $30 a barrel.

"Now we're starting to get uncertainty on both the trade and production cut fronts and the market is giving back those gains", said Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut.

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The aftershocks should be weaker and less frequent in the coming days, but officials couldn't say for sure when they'll stop. There's a good reason for that. "So thankful to be safe; praying for our state following the natural disaster ".

Russia is well-positioned to withstand external shocks, The World Bank said today in its most recent version of Russia Economic Report, cited by TASS. But losing a long-standing member undermines a bid to show a united front before a meeting that is expected to back a supply cut to shore up crude prices that have lost nearly 30 per cent since an October peak.

USA producers have benefited from higher prices.

"It could signal a historic turning point of the organisation towards Russia, Saudi Arabia and the United States", said Algeria's former energy minister and OPEC chairman, Chakib Khelil, commenting on Qatar's move.

Much of that new US production is coming out of shale formations that lie underneath West Texas and New Mexico.

"I think it's inefficient to focus on something that is not your core business and something that is not going to benefit you long term", he said.

"That's an extra $200 million that Americans haven't left at the pump", said GasBuddy analyst Patrick DeHaan.

Motorists have enjoyed a break from rising gasoline prices over the past two months, but that road is about to hit a dead end if OPEC succeeds in boosting oil prices.

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