Qatar to leave OPEC group in January 2019

Doha, Dec 3: Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country's energy minister said on Monday.

H.E. Mr. 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.

"Qatar has decided to withdraw its membership from OPEC effective January 2019 and this decision was communicated to OPEC this morning," he told a news conference, adding that Qatar would still attend an OPEC meeting in Vienna this week.

H.E. Mr. 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.

— Qatar Petroleum (@qatarpetroleum) December 3, 2018

The decision came after Qatar, one of OPEC's smallest producers but the world's largest liquefied natural gas exporter, reviewed ways to enhance its role internationally and plan long-term strategy, including focusing on its gas industry.

H.E. Al-Kaabi: 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.

— Qatar Petroleum (@qatarpetroleum) December 3, 2018