Qatar announces its withdrawal from OPEC!
Qatar announced on Monday that it had decided to withdraw from the Organization of Petroleum Exporting Countries (OPEC) as of January 2019, according to State Minister for Energy Saad Al Kaabi, to focus on the natural gas industry.
Al Kaabi told a press conference in Doha that the organization was informed Monday of the decision.
“The decision reflects Qatar’s desire to focus its efforts on the development of the natural gas industry and on the implementation of recently announced plans to increase the country’s production of liquefied natural gas”, he said.
Qatar has been a member of OPEC since 1961.
On July 5, 2017, Qatar, the world’s largest exporter of liquefied natural gas, announced its intention to increase its gas production in the North Field by 30% from 77 to 100 million tons annually in a crisis with its Gulf neighbors.
Saudi Arabia, along with the United Arab Emirates, Bahrain and Egypt, broke off diplomatic ties with Qatar on June 5, 2017, after accusing the emirate of supporting extremist organizations in the Middle East.
Qatar, with an area of 11,600 square kilometers, is the world’s leading exporter of liquefied natural gas.
Qatar profits from the natural gas sector have made it one of the richest countries in the world and managed to win the hosting of World Cup in 2022.
