Qatar Announces Withdrawal from OPEC


(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)

 

Qatar Announces Withdrawal from OPEC

Monday, 3 December, 2018 – 11:15
Qatar’s Minister of State for Energy Affairs Saad al-Kaabi. (Reuters file photo)
Asharq Al-Awsat
Qatar announced on Monday that it was quitting OPEC from January 2019.

Minister of State for Energy Affairs Saad al-Kaabi told a news conference that Doha’s decision “was communicated to OPEC” but said Qatar would attend the group’s meeting on Thursday and Friday, and would abide by its commitments, reported Reuters.

He said Doha would focus on its gas potential because it was not practical for Qatar “to put efforts and resources and time in an organization that we are a very small player in.”

Al-Kaabi stressed the decision was not political but related to the country’s long-term strategy and plans to develop its gas industry.

Qatar had been a member of OPEC for 57 years.

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