img-news

Qatar will exit OPEC as of January 2019, energy minister confirms

  • Regular
  • Economy
  • 6 months ago
  • 92

Qatar's energy minister, Saad Al-Kaani has announced that the country will no longer part of the Organization of the Petroleum Exporting Countries as of January 2019.

Reasond as to why this decision would come, an OPEC meeting is due this Thursday in Vienna aftre all, is due to the fact that Qatar is the world's largest liquefied gas exporter and is seeking to enhance its role upon the international stage, Al-Kaani said in statement:"Qatar has decided to withdraw its membership from OPEC effective January 2019 and this decision was communicated to OPEC this morning".

According to the minister the decision was far from simple given that its main ally Russia was looking ahead to discuss cutting back on production, nevertheless will continue to obide its commitments as a non-OPEC member.

The exit comes after a rather long stint as a member since 1961, that being said Al-Kaani did point out the decision had nothing to do with the boycott in 2017 led by OPEC's de facto leader Saudi Arabia. 

 

 

 

Source: Smart Trend Team