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Qatar to withdraw from OPEC in January 2019

Qatar to withdraw from OPEC in January 2019

Qatar has said it will be withdrawing from the Organisation of Petroleum Exporting Countries (OPEC) in January 2019.

Qatar's Energy Minister Saad al-Kaabi on Monday announced his country will leave the OPEC next month in order for the Gulf state to focus on gas production.

Saad al-Kaabi said the country's impact on OPEC production decisions would be small, as the tiny Gulf state doesn't produce as much crude as other members.

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 overseas".

Qatar, the world's largest exporter of liquefied natural gas (LNG), is still planning to take part in the meeting scheduled for December 6 in Vienna.




"We don't have great potential [in oil], we are very realistic".

Although there has been no agreement on cuts, the fact that Russian Federation and Saudi Arabia agreed to extend their deal to manage the oil market into 2019 led to a 4 per cent increase in the price of oil on the London and NY stock exchanges, as markets took the move as a sign that further production cuts would be agreed in Vienna.

"The nature of the animal as far as Opec is concerned is the bigger production capacity you have then the more weight you carry", Vandana Hari, founder and chief executive of Vanda Insights, told The National. "They are not a big producer, but have played a big part in it's (Opec) history", the source said. It is expected to boost its annual LNG output from 77 million to 110 million tons.

Saudi Arabia, the UAE, Egypt and Bahrain started boycotting Qatar a year ago, accusing Doha of funding militants across the Middle East and fostering ties with Iran, charges that Qatar denies. Since reaching its four-year peak in early October, global prices for crude have dropped more than 25 percent.

Qatar would continue to produce oil and seek deals in countries including Latin America's top oil producer Brazil, said Kaabi.


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