Oil prices: does Qatar need OPEC?

Qatar announced today that it will be withdrawing from OPEC as of 1 January 2019. While the reasoning behind this move may be more closely related to its relationship with de facto OPEC leader Saudi Arabia and other Arab countries, officially, Qatar is leaving due to a shift of focus to natural gas production. Regardless, as our infographic shows, the IMF projects the price per barrel required by Qatar to break even on its fiscal budget next year to be only $44.5 - compared to $113.8 in Libya and $77.9 in Saudi Arabia and a current oil price of around $61.80. Being a member of an oil cartel in which it holds little or no power, combined with the current political climate, it is little wonder that the Arab state is withdrawing.