Qatar’s Minister of State for Energy Affairs Saad Sherida Al-Kaabi, and the Managing Director and CEO of Qatar Petroleum, announced the change of the company’s name to Qatar Energy.
In a press conference today, Al-Kaabi said that Qatar does not intend to return to the membership of the Organization of the Petroleum Exporting Countries (OPEC), because the attempt to influence global oil prices does not fit with his country’s strategy.
Qatar withdrew from the organization in 2018, and said the withdrawal was a strategic issue, as the country shifted its focus to natural gas, a major source in it.
Al-Kaabi expressed, according to Bloomberg news agency, his dismay at the high gas prices, and said that the United States would soon begin to feel pressure coming from Europe and Asia.
Al-Kaabi’s statements come today amid a crisis in the gas markets, with prices rising to “unhealthy” levels in light of the inability to keep pace with supplies, due to the high demand.
Stocks in Europe are also at their lowest level for such a season in more than a decade.
Al-Kaabi said his country had reached the limit in terms of LNG supplies. He explained that the country produces 77 million tons annually.
The cost of production in Qatar is the lowest in the world thanks to the abundance of gas that is easy to extract, most of which is located in the giant North Field that extends to Iran.
Today, Al-Kaabi reiterated the timetable for the expansion of North Field production, despite calls for an early increase in production. Qatar aims to increase production by about 50% by 2027.