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Out of OPEC, Qatar can start offering Iran oil to Asia, EU: Expert

Baku, � After withdrawal from OPEC, Qatar can start to market Iranian oil to Asia and Europe, said the director of the international trading and consulting company.

There is absolutely no benefit to Qatar to remain a member of OPEC, Sam Barden, the director of SBI Markets, told the Azeri news website Trend on Tuesday, referring to the Organization of the Petroleum Exporting Countries.

Barden said, Firstly, they are a small oil producer in comparison to others in OPEC, and the time needed at the ministerial and executive level to maintain OPEC relations doesn't match the benefit gained.

Saying that this decision is politically and economically right, he added, Qatar will and should focus on gas over oil, as gas has a much bigger future than oil globally.'

Taking into consideration the fact that Russia, one of the largest procurers of gas and oil, is a member of the Gas Exporting Countries Forum (GECF), also known as Gas OPEC, and not OPEC, Qatar can now deepen cooperation with Russia as well as Iran.

This makes much more sense politically and economically, as Russia and Iran, along with China and other parts of Asia, are likely to move away from US dollar settlements and trade in an effort to remove sanctions risk, he noted.

Qatar can now start to market Iranian oil in Asia and Europe, and this could dramatically increase supply, or take market share from others, which can be coordinated with Russia and China to fund and build the Belt and Road Initiative, which is the largest infrastructure project on the planet, he said.

Such actions will most probably accelerate the fall of the US dollar trading system, which is a good thing for future peace and free trade in the world, Barden said.

Source: Islamic Republic News Agency - IRNA


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