Qatar Leaving Is an Ominous Sign for OPEC
It’s a relatively tiny oil-producer, but it exposes the organization’s growing weaknesses.
Austrian police officers guard the entrance to the Organization of the Petroleum Exporting Countries (OPEC) headquarters in Vienna, Austria.
Photographer: JOE KLAMAR/AFP/Getty Images
The immediate question raised by Qatar leaving OPEC is, of course, what to call this? Qatarexit, or even Qatexit, sound wrong. Qatar-ta-for-now has a nice ring to it, even if it’s a tad unwieldy. Maybe just go with Qatout.
While that one is a little aggressive, it at least conveys one of the factors likely behind the move. Saudi Arabia has been gunning for Qatar, launching a blockade last year aimed at bringing the Gulf state to heel on issues such as its relations with Iran. With OPEC’s de facto leader having pushed Qatar out into the cold already, the diplomatic benefits of membership can hardly seem that compelling in Doha.