OPEC’s status will not be harmed as a result of Qatar's exit, Gal Luft, the co-director of the Washington-based Institute for the Analysis of Global Security, told Trend.
“While the departure has political dimension having to do with its ongoing tension with the GCC a more important reason is that Qatar has long ago turned its focus from oil to gas,” said the expert.
Luft pointed out that in oil it will always be a small fish in a big pond but when it comes to gas, and particularly LNG, it can play in the top league.
“Therefore its investments will be more focused on the gas sector and I don't see it making huge investments in oil or ramping up production capacity. Gas is traded in long term contracts and it provides Qatar with long term fiscal stability unlike oil countries that have to endure the dramatic ebbs and flows of the oil market,” noted the expert.
Furthermore, Luft believes that Qatar can divert more investments to gas-chemicals and other related downstream industries to maximize its gas profits. “Simply put, it can afford to dump oil.”
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