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December 2018
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Monday, 03 December 2018 17:00

Qatar to quit OPEC

Qatar to quit OPEC

Qatar is to pull out of Opec after nearly 60 years of membership of the oil cartel, but will attend a meeting this week that will discuss cutting output, Caspian Energy News (www.caspianenergy.net) reports with reference to The Guardian.

Saad al-Kaabi, the country’s energy minister, told a news conference: “Qatar has decided to withdraw its membership from Opec effective January 2019 and this decision was communicated to OPEC.”

Qatari is one of the cartel’s smallest oil producers, but is the world’s largest exporter of liquefied natural gas. Al-Kaabi said the gulf state had reviewed ways to enhance its role internationally, including focusing on its gas industry. Qatar wants to ramp up liquefied natural gas production from 77m to 110m tonnes a year.

He added that Qatar would still attend the Opec meeting in Vienna that starts on Thursday and will set oil policy for next year.

More details: https://www.theguardian.com/business/2018/dec/03/qatar-pulls-out-of-opec-to-focus-on-gas-production

Person in charge of the newsline: Olga Nagiyeva 

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