LIVE CRUDE OIL UPDATE –
Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country’s energy minister said on Monday.
The decision to withdraw from OPEC came after Qatar reviewed ways to enhance its role internationally and plan its long-term strategy, al-Kaabi told a news conference.
Oil prices soared by around 5 percent on Monday after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by OPEC that is expected to result in a supply cut.
Looking ahead, oil traders will eye a meeting by the Organization of the Petroleum Exporting Countries (OPEC) on Dec. 6. At the meeting, the producer group, along with non-OPEC member Russia, is expected to announce cuts aimed at reining in a production overhang that has pulled down crude prices by around a third since October.
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