OPEC has problems, and the reasons for Qatar's exit from the organization must be examined, Iranian Oil Minister Bijan Zanganeh said on Tuesday, according to the Islamic Republic News Agency (IRNA).
Qatari energy minister Saad al-Kaabi announced Monday that his country is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019.
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 toOPEC 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 UAE has seen the Qatari decision as a political in its origin, according to a tweet written by the Minister of State for Foreign Affairs, Anwar Gargash.
“The political dimension of Qatar’s decision to withdraw from Opec is an acknowledgment of its declining role and influence in view of its political isolation,” the tweet says.