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Qatar Announces Its Withdrawal From OPEC Starting January 1, 2019

BAGHDAD, Qatar announced on Monday its withdrawal from OPEC from early next year.

"Qatar's withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) will take effect from January 1, 2019." According to Russia's Sputnik, Qatar's minister of state for energy affairs Saad bin Sherida al-Kaabi said"

"OPEC has been informed the decision to withdraw from its membership," al-Kaabi said.

He added, "This decision reflects the desire of the State of Qatar to focus its efforts on the development of the natural gas industry and to implement the recently announced plans to increase the country's production of liquefied natural gas from 77 to 110 million tons annually."

"Over the past years, the State of Qatar has been developing strategic features that are based on growth and expansion in Qatar and beyond," Al Kaabi said.

He stressed, "Achieving our ambitious goals requires a lot of focus and commitment in developing and strengthening Qatar's leading position in producing LNG."

Source: National Iraqi News Agency