BREAKING: Qatar to quit OPEC in Jan. 2019, says its energy minister

Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country’s Energy Minister said on Monday, December 3, 2018.

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, adding that Qatar would still attend an OPEC meeting in Vienna this week.

YOU MAY ALSO LIKE:   Crude oil prices remain low as OPEC remains adamant on deeper output cut

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 small.

He stressed that Doha would continue to abide by all its commitments like any other non-OPEC oil producer.

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.

YOU MAY ALSO LIKE:   Oil price rises ahead of OPEC meeting in Vienna

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.

#NextLevel: Enugu State Governor, Ugwuanyi seen wearing Buhari's Lapel (Photos)
People are whispering that you are a user – Stella Dimoko Korkus Shades Omoni Oboli
loading...
Tags:,    

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.