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Qatar is pulling out of OPEC

The small, gas-rich state of Qatar said Monday that it will leave the oil cartel on January 1 after nearly 60 years of membership. The country’s state oil company, Qatar Petroleum, made the announcement in a series of tweets.
“The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production,” Saad Sherida Al-Kaabi, the country’s minister of state for energy affairs, was cited as saying in one of the tweets.


Qatar is to pull out of Opec after nearly 60 years of membership of the oil cartel, but will attend a meeting this week that will discuss cutting output.

Saad al-Kaabi, the country’s energy minister, told a news conference: “Qatar has decided to withdraw its membership from Opec effective January 2019 and this decision was communicated to Opec this morning.”
Qatar pulls out of Opec to focus on gas production

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