Qatar says it is withdrawing from OPEC on January 1

qatar says it is withdrawing from opec on january 1

Qatar will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) effective January 1, the Minister of State for Energy Affairs Saad Sherida al-Kaabi said Monday, according to state-owned Qatar Petroleum.

Qatar Petroleum, of which al-Kaabi is CEO, said on Twitter that OPEC was informed of the country's withdrawal.

"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," the minister was quoted as saying at a press conference in Doha.

"Qatar is proud in its international standing at the forefront of natural gas producers, and as the biggest exporter of LNG – the cleanest fossil fuel, which has given Qatar a strong and resilient economy," Qatar Petroleum also quoted al-Kaabi as saying.

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