Qatar announced to withdraw from OPEC from January 2019
Qatar's Energy Minister Saad Bin Srid al-Kaabi said that the country will leave the Organization of the Petroleum Exporting Countries (OPEC) from January 1, 2019.
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| A corner of Doha city, Qatar. Photo: Shutterstock |
Qatar wants to focus on gas exploration and liquefied natural gas production, the minister added.
The Organization of the Petroleum Exporting Countries (OPEC) is an international intergovernmental association formed by oil-producing countries to control production quotas.
OPEC includes Algeria, Angola, Venezuela, Gabon, Iran, Iraq, Congo, Kuwait, Qatar, Libya, United Arab Emirates, Nigeria, Saudi Arabia, Equatorial Guinea and Ecuador.
The organization's members control about two-thirds of the world's oil reserves, accounting for 45% of world production and half of exports.
