Qatar has announced that it is withdrawing from the Organisation of the Petroleum Exporting Countries (OPEC) as of January 2019, Gulf News has reported.
OPEC members together control the supply about 44 per cent of the world’s crude oil. The cartel determines the level of oil production and plays a huge role in shaping oil prices globally.
HE Saad bin Sherida al-Kaabi, the Minister of State for Energy Affairs, president and chief executive of Qatar Petroleum informed the media on Monday (3 December) the decision of tiny, energy-rich state of Qatar to leave the oil cartel after nearly 60 years of membership. It is one of OPEC's smallest producers but the world's largest liquefied natural gas exporter.
"The withdrawal decision reflects Qatar's desire to focus its efforts on plans to develop and increase its natural gas” the minister said.
Qatar plans to increase LNG production from 77 million to 110 million tonnes annually. It also rejected the suggestion that its withdrawal was linked to a political and economic boycott of Qatar imposed since June 2017 by Saudi Arabia and three other Arab states.
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