Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country's energy minister said on Monday, Reuters reported.
The decision to withdraw from OPEC came after Qatar reviewed ways to enhance its role internationally and plan its long-term strategy, al-Kaabi told a news conference.
The Minister added that Qatar will continue to abide by all commitments like any country outside the OPEC, but Qatar will not be committed to OPEC agreements after exiting.
The announcement comes ahead of the meeting by OPEC and its allies including Russia on Dec. 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 tons annually.