• Friday, Sep 17, 2021
  • Last Update : 09:41 pm

Qatar to withdraw from Opec as of January

  • Published at 01:27 pm December 3rd, 2018
Saad al-Kaabi, chief executive of Qatar Petroleum
Saad al-Kaabi, chief executive of Qatar Petroleum, gestures as he speaks to reporters in Doha, Qatar, July 4, 2017 Reuters

The decision came after Qatar reviewed ways to enhance its role internationally and plan long-term strategy, including focusing on its gas industry

Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (Opec) as of January, Saad al-Kaabi, the country’s energy minister said on Monday.

The decision came after Qatar, one of Opec’s smallest producers but the world’s largest liquefied natural gas exporter, reviewed ways to enhance its role internationally and plan long-term strategy, including focusing on its gas industry, he said.

“Qatar has decided to withdraw its membership form Opec effective January 2019 and this decision was communicated to Opec this morning,” he told a news conference, adding that Qatar would still attend an Opec meeting in Vienna this week.

The announcement comes ahead of the meeting by Opec and its allies including Russia on December 6-7 to discuss cutting supply.

The minister said the decision was not easy as Qatar has been in Opec for 57 years, but that the country’s impact on Opec production decisions was small.

He stressed that Doha would continue to abide by all its commitments like any other non-Opec oil producer.

The withdrawal decision reflects Qatar’s intent to focus its efforts on developing its natural gas industry, the minister said, as the Gulf Arab state moves to increase LNG production from 77 million to 110 million tonnes annually.

He said the decision was not linked to a political and economic boycott of Qatar imposed since June 2017 by Opec’s de facto leader Saudi Arabia and three other Arab states.

52
Facebook 51
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail