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Qatar withdraws from OPEC
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Qatar withdraws from OPEC

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Qatar has announced its withdrawal from the Organization of Petroleum Exporting Countries from January, 2019.

Qatari Energy Minister Saad Sherida al-Kaabi said the decision was not related to the political clash with rival Saudi Arabia.

It was gathered that the country is leaving the oil cartel to work on plans to boost its natural gas production by more than 40 percent in the coming years.

Qatar’s oil exports of 600,000 barrels a day is small compared to that of Saudi Arabia, which produces 11 million barrels per day.

Qatar become the first middle east country exit from OPEC.

 

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