News By/Courtesy: Karthik Sridhar | 04 Dec 2018 22:39pm IST

HIGHLIGHTS

  • Saad al-Kaabi, the country’s Energy Minister said that Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019.
  • The announcement comes ahead of the meeting by OPEC and its allies including Russia on December 6-7 to discuss cutting supply.
  • The Minister said the decision was not easy as Qatar has been in OPEC for 57 years, but that the country’s impact on OPEC production decisions was considerably less.

Saad al-Kaabi, the country’s Energy Minister said that Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019. The decision came after Qatar, one of OPEC’s smallest producers but the world’s largest liquefied natural gas exporter, reviewed ways to enhance its role internationally and plan long-term strategy, including focusing on its gas industry, he said. “Qatar has decided to withdraw its membership form OPEC effective January 2019 and this decision was communicated to OPEC this morning,” he told a news conference. He also added that Qatar would still attend an OPEC meeting in Vienna this week. The announcement comes ahead of the meeting by OPEC and its allies including Russia on December 6-7 to discuss cutting supply. The Minister said the decision was not easy as Qatar has been in OPEC for 57 years, but that the country’s impact on OPEC production decisions was considerably less. The withdrawal decision reflects Qatar’s intent to focus its efforts on developing its natural gas industry, the Minister said, as the Gulf state moves to increase LNG production from 77 million to 110 million tonnes annually. He said the decision was not linked to a political and economic boycott of Qatar imposed since June 2017 by OPEC’s de facto leader Saudi Arabia and three other Arab states.

 

Section Editor: Priyanshu Gupta | 04 Dec 2018 22:43pm IST


Tags : #Politics#Qatar#Quits OPEC

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