Qatar to withdraw from Opec in January 2019

Qatar to withdraw from Opec in January 2019

Qatar to withdraw from Opec in January 2019

Saad al-Kaabi, the country's energy minister, told a news conference: "Qatar has chose to withdraw its membership from Opec effective January 2019 and this decision was communicated to Opec this morning".

Qatar announces it was withdrawing from the Organization of Petroleum Exporting Countries "OPEC" effective 1 January 2019.

Qatar said on Monday it was quitting Opec from January 2019 but would attend the oil exporter group's meeting this week, saying the decision meant Doha could focus on cementing its position as the world's top liquefied natural gas (LNG) exporter.

OPEC and Russian Federation, who together produce about 40 percent of the world's oil, said earlier this week they agreed on new oil production cuts to ensure oil price does not drop too much in the coming months.

Qatar, a country of 2.6 million people, discovered the offshore North Field in 1971, the same year it became independent.

"We don't have great potential [in oil], we are very realistic".

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"The nature of the animal as far as Opec is concerned is the bigger production capacity you have then the more weight you carry", Vandana Hari, founder and chief executive of Vanda Insights, told The National.

Oil and natural gas account for a substantial share of the country's gross domestic product, according to Opec. Brent crude oil prices slid to below $60 a barrel last week while U.S. crude fell below $50 a barrel.

The announcement comes days before the Opec summit in Vienna.

Al-Kaabi said the decision to increase the supply of natural gas is to "develop a future strategy based on growth and expansion, both in its activities at home and overseas".

Opec members, Saudi Arabia and the United Arab Emirates, and fellow Arab states Bahrain and Egypt, have imposed a political and economic boycott on Qatar since June 2017, accusing it of supporting terrorism. "I assure you this purely was a decision on what's right for Qatar long term".

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