30% increase in Qatar oil production under pressure

After Saudi Arabia and its allies imposed sweeping embargo on Qatar and created a pressure of diplomatic crisis, they proposed their plan to increase natural gas production by 30% in the coming years on Tuesday, 4 July 2017.

On Monday, 3 July, Qatar gave its response to a 13-point list of demands made by its neighbours for lifting their sanctions. They wanted to carry out a joint venture with international companies in the production increase process. Qatar Petroleum chief, Sherida Al-Kaabi has also assured that even if no company supports, they will meet the 100 million tons target. On Wednesday, 5 July, the four Arab States will meet to discuss about the crisis and on the imposition of further sanction on Qatar.

As reported by The Times of India, Al-Kaabi said in a press conference, that the target is to raise their production by 2024.

Presently, Qatar is the world’s largest producer of Liquified Natural Gas(LNG). Now, it’s production is up to 77 million tons per year. The expansion will increase output levels equivalent to million barrels of oil per day, as reported by The Hindu Business Line.

Image Caption-

Image Source- Qatar Tribune

Sources: The Times of India, Daily Mail