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News // Middle East and OPEC

Qatar to leave OPEC in January 2019

03 December 2018 , 15:22Neftegaz.RU626

Doha, December 3- Neftegaz.RU. Qatar is set to leave the OPEC, having joined the cartel back in 1961. Qatar Petroleum today announced the decision via Twitter.

 

Qatar announces it was withdrawing from the OPEC effective 1 January 2019, Qatar Petroluem said. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, announced Qatar’s withdrawal from OPEC at a press conference in Doha and said the organization was informed.

 

According to the series of tweets, the withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tons per year to 110 million tons in the coming years. According to OPEC data, Qatar 11th biggest oil producer in the 15-member organization in 2017 producing around 600.000 barrels a day.

 

Al-Kaabi said: Qatar has worked diligently during the past few years to develop a future strategy based on growth and expansion, both in its activities at home and abroad. He added: Qatar has worked diligently during the past few years to develop a future strategy based on growth and expansion, both in its activities at home and abroad.

 

Commenting on Qatar’s decision, Michael Burns, oil and gas partner at law firm Ashurst said: Qatar’s decision to leave OPEC is a very interesting development but perhaps the bigger question is whether other OPEC members may look to follow suit?

 

Qatar, the smallest OPEC Member Country in terms of both area and population, is not the 1st nation to leave OPEC, but it is the 1st Middle Eastern nation to leave it.

 

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