THE BEGINNING OF THE END? Qatar Quitting OPEC to Focus on Exports of Liquefied Natural Gas.

Speaking to reporters Monday in Doha, the country’s minister of state for energy affairs, Saad Sherida al-Kaabi, made the surprise announcement, saying that the world’s largest exporter of LNG plans to increase its exports from 77 million tons of gas per year to 110 million tons.

“In light of such efforts and plans, and in our pursuit to strengthen Qatar’s position as a reliable and trustworthy energy supplier across the globe, we had to take steps to review Qatar’s role and contributions on the international energy scene,” al-Kaabi said.

Qatar also wants to raise its oil production from 4.8 million barrels a day to 6.5 million barrels, he said.

The tiny, energy-rich Arab nation is locked in a diplomatic dispute with Saudi Arabia, which dominates OPEC, but al-Kaabi said that the move to leave the organization was not driven by politics.

The decision seems more likely driven by economics, and the worldwide oil glut due to the explosion of American oil production.

In other words: Thanks, Obama!