MON, DECEMBER 03 2018-theG&BJournal- Qatar Minister of State for Energy Affairs, H.E Saad Sherida Al-Kaabi announced today that it the country will leave OPEC by January 1 2019, after nearly 60 years of membership.
H.E Saad Sherida announced Qatar’s withdrawal from OPEC at a press conference in Doha and said the organisation was informed.
The tiny Arab oil-rich country is the top liquefied natural gas exporter accounting for about 30% of global demand and pumps about 600,000 barrels daily.
Qatar’s withdrawal was first revealed in a tweet by the country’s state owned oil company, Qatar petroleum and it becomes the first Middle Eastern country to pull out OPEC.
‘’The withdrawal decision reflects Qatar’s desire to focus its effort on plans to develop and increase it’s natural gas production to 77 million tons per year 110 million tons in the coming years,’’ H.E Al Kaabi tweeted shortly after the news broke.
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