damage to the group but it certainly calls into question its reputation for pushing shared economic interests above politics and for more on the qataris move to pull out of opec i m joined by spencer welcome director oil markets and downstream energy at i.h.s. market in london good to have you with us of course qatar is not a major oil producer we just heard that in our report but does its exit from opec have any impact on the cartel itself it s inevitable that it will have some impact although i think that impact is relatively small qatar produces around six hundred thousand barrels per day of oil opec produces around thirty to forty million barrels per day so so in terms of production qatar is a small part of opec so i small impact but not
latest deal to extend a cap on global supplies agree to in vienna a review is possible in june if the market ends up overheating or saudi arabia believes the market has yet to rebalance the wounds it s premature to talk about exiting the cuts at least for a couple of quarters opec members also decided to cap nigeria s output but have yet to agree on a cap for libya both countries were exempted from cuts during previous rounds of talks due to on rest and lower than normal output. well just prior to the news of the deal coming through we asked analyst spencer welch if oil prices are likely to rise as a result of an extension. no i think we ll see very little change in the oil price because they the markets are expecting the deal to be to be rolled over so so that s already built into the market price price of the moment is around sixty
three dollars per barrel we actually expect a little bit of a weakening of price through the through this winter period that s quite normal and demand for oil tends to be a little bit lower and production the united states is going up fast so so we expect the oil price to maybe age just back down into the into the fifty s high fifty s so so no not much change in price expected market unless spencer welch that i mean while still producing nations have agreed to dismantle market distorting subsidies to twenty ministers have been meeting in berlin to avert a trade war over steel i have the capacity has been causing international tension but deep divisions still remain. expectations were low from the outset the interests of the participating countries were just too varied the goal of the summit was to put the brakes on steel production worldwide to reduce crippling overcapacity but in the end that mission remained impossible there was at least some agreement as to the cause of the problem