Qatar retreats to move forward and take on Saudi Arabia

After 57 years of being a member, Qatar quit the Organization of the Petroleum Exporting Countries on the eve of the bloc's annual meeting in Vienna on Dec 7, during which OPEC and its allies agreed to cut oil production. The ripple effects of Qatar's decision are being felt across the board, raising concerns that it could eventually lead to the dissolution of OPEC.

Besides, if Doha quits the Gulf Cooperation Council, it would no longer be a storm in a teacup, as it could change the setup of the energy market and affect Middle East geopolitics.

Qatar's Energy Minister Saad al-Kaabi said his country would like to focus on drilling more natural gas and producing liquefied natural gas to strengthen its status as a reliable major gas producer. Yet he claimed Qatar hopes to raise its oil production from 4.8 million to 6.5 million barrels a day. As an OPEC member, Qatar used to produce 0.6 million barrels a day according to the cartel's output quota, accounting for only 2 percent of the total OPEC output and ranking 11th among the 15-member group. But now it can increase its oil output by 10 times and become a major oil and gas producer.