Qatar announces withdrawal from OPEC in January 2019

Qatari Energy Minister Saad al-Kaabi said Monday that Qatar will withdraw from the Organization of Petroleum Exporting Countries (OPEC) from January 2019.

The Qatari minister said in a statement to Reuters that OPEC was informed of the decision of Qatar’s withdrawal from the organization on Monday morning.

The decision to withdraw Qatar came after reviewing ways to improve the international role and long-term strategy, and Qatar believes it is important to focus on the primary commodity it sells, namely natural gas, al-Kaabi said.

“Qatar’s influence on OPEC oil production decisions is limited, and it will continue to abide by all commitments such as any other country outside OPEC,” he said.

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