ECONOMY


Qatar to withdraw from OPEC in January 2019

Baku, December 3, AZERTAC

Qatar will withdraw from the Organization of the Petroleum Exporting Countries (OPEC), the Gulf nation's Energy Minister Saad Sherida al-Kaabi announced on Monday, according to Al Jazeera.

The decision to quit the bloc of 15 oil-producing countries that account for a significant percentage of the world's oil production was confirmed by Qatar Petroleum, the country's state oil company.

Speaking at a news conference in Doha, al-Kaabi said: "The withdrawal decision reflects Qatar's desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tonnes per year to 110 million tonnes in the coming years."

Qatar is the first Gulf country to leave the bloc of oil-producing countries.

Qatar joined OPEC in 1961, one year after the organisation's establishment.

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