Qatar intends to withdraw from OPEC

Last Updated: Mon, Dec 03, 2018 13:33 hrs
Saudi Arabian Energy Minister al-Falih, Russian Energy Minister Novak, Kuwaiti Oil Minister al-Marzouq and OPEC Secretary General Barkindo attend a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Pet

Doha: Qatar on Monday announced that it intended to withdraw from the Organization of Petroleum Exporting Countries (OPEC) in order to focus on its plans to increase natural gas production,.

The planned January 1, 2019, withdrawal was announced at a press conference here earlier in the day and confirmed by Qatar Petroleum, the state-owned corporation responsible for oil-and-gas activities, on Twitter, reports Efe news.

Saad Sherida al-Kaabi, Minister for Energy Affairs, said OPEC had been informed of the decision.

He said the withdrawal decision reflects Qatar's aim to increase its natural gas production from 77 million tonnes a year to 110 million tons in the coming years.