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Qatar government announces decision to pull out of OPEC

Qatar government announces decision to pull out of OPEC

India Blooms News Service | @indiablooms | 03 Dec 2018, 10:09 am

Doha, Dec 3 (IBNS): Qatar on Monday announced its decision to withdraw from Organization of Petroleum Exporting Countries (OPEC) in order to focus on increasing production of natural gas.

The move will be made effective from Jan 1, 2019. 

Saad Sherida Al-Kaabi, the country’s Minister of State for Energy Affairs made the announcement during a press conference in Doha on Monday.

Quoting Saad Sherida Al-Kaabi, Qatar Petroleum, the state-owned corporation responsible for oil and gas activities, posted on Twitter: "The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tons per year to 110 million tons in the coming years."
He said: "Achieving our ambitious growth strategy will undoubtedly require focused efforts, commitment and dedication to maintain and strengthen Qatar’s position as the leading natural gas producer.”

Qatar was a member of OPEC since 1961.

Saad Sherida Al-Kaabi said OPEC has been informed on the matter.