Qatar will withdraw from OPEC in 2019

The February Brent crude futures have dropped to $59,17 the last round of November buyouts. According to GMOTrading analytics, a crude fall amounted to 21,6% since the start of last month. It is the greatest ten-year Brent fall, the same situation we saw in November 2008 when Brent crude had decreased by 33,46% to $65,32.

The January WTI crude fell by 22,5% in November it is the biggest reduction since October 2008 when the oil dropped by 32,62%.

According to GMOTrading analysts, the crude prices fall has happened due to Russian plans to support OPEC decision of the oil production decrease. OPEC`s meeting is scheduled for December 6.

"So far, this oil rout has been driven by the supply side, so...the market will still need to see a substantial cut toOPEC's target output next week for any sort of bottom to form in the futures market,” said Tyler Richey, co-editor of the Sevens Report.

It was also reported that Qatar planned to withdraw from an OPEC`s agreement on January 1, 2019, according to the Saad Sherida Al-Kaabi, Qatar’s Energy Minister statement. The official explained this decision: “The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tons per year to 110 million tons in the coming years.”

Sherida Al-Kaabi added that Qatar had reported about its plans now because of OPEC had to have knowledge of this by year-end.

If you want to know more about crude prices, you should visit GMOTrading site.

The information above cannot be considered as an investment advice and past results do not indicate future performance.

**Investors should have experience and understand the risks of losing all the initial investment

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