The Gulf Nation’s Energy Minister Saad Sherida al-Kaabi announced that Qatar will withdraw from the Organisation of the Petroleum Exporting Countries (OPEC).
Qatar is one of the smallest producers of OPEC but World’s largest supplier of liquefied natural gas (LNG). The announcement came after Qatar decided to enhance its role internationally and plan long term strategy, including focusing on its gas industry.
The oil production in Qatar has reduced declined steadily since 2013. The oil produce has declined from about 728,000 barrels per day in 2013 to 607,000 barrels per day in 2017 and it is 2 percent under the total output of OPEC.
Qatar joined the organization in 1961 and it is a member of OPEC for 57 years.
“Qatar has decided to withdraw its membership form OPEC effective January 2019 and this decision was communicated to OPEC this morning,” told Minister in a news conference.
He also told that Qatar will attend the OPEC meeting in Vienna which is scheduled on December 6 and 7.
He also cleared that the decision is not based on the political and economic barrier imposed on Qatar since June 2017 by the OPEC’s de facto leaders Saudi Arabia and other three Arab states.