Qatar on Monday announced that it intends to withdraw from the Organization of Petroleum Exporting Countries (OPEC) after nearly 60 years of membership in order to focus on its plans to increase natural gas production.
The planned January 1, 2019, withdrawal was announced at a press conference here earlier in the day and confirmed by Qatar Petroleum, the state-owned corporation responsible for oil and gas activities, on Twitter.
"The withdrawal decision reflects Qatar's desire to focus its efforts on plans to develop and increase its natural gas production," tweeted Saad Sherida Al-Kaabi, the country's Minister of State for Energy Affairs.
He said that OPEC had been informed of the decision, Efe news reported.
Qatar has been a member of OPEC since 1961. It said the organization was aware of its decision to withdraw.
Al-Kaabi said the withdrawal decision reflected Qatar's aim to increase its natural gas production from 77 million tonnes a year to 110 million tonnes in the coming years.
--IANS
soni/bg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app