In announcing Monday that it would leave the Organization of Petroleum Exporting Countries (OPEC), Qatar emphasized an intention to enhance its standing as the world’s leading natural-gas producer and as “a reliable and trustworthy energy supplier across the globe.” The tiny emirate, currently under a Saudi-led blockade, plans to increase its annual production of liquefied natural gas (LNG) from 77 million tons to 110 million tons in the coming years.
Why it matters: Qatar’s withdrawal from OPEC is a slap in the face of Saudi Arabia, which plays a leadership role inside the organization. It also reflects changes in global energy markets, where the competition among different fuels — coal, oil, nuclear, renewables and natural gas — is intensifying as major economies seek to decarbonize.
