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Qatar to withdraw from OPEC in 2019

ANI  |  Doha (Qatar) 

Qatar's Energy on Monday announced that will withdraw from the (OPEC) in January 2019.

Petroleum while confirming the withdrawal, tweeted, "announces it was withdrawing from the "OPEC" effective 1 January 2019."

Qatar joined the organisation consisting of 15 oil producing countries in 1962.

While addressing a press conference, al-Kaabi stated that the decision was taken as Qatar's wants to focus its efforts to increase its natural gas production, reported Al Jazeera.

"Achieving our ambitious growth strategy will undoubtedly require focused efforts, commitment and dedication to maintain and strengthen Qatar's position as the leading natural gas producer," he added.

The decision comes days before the meeting which is scheduled to be held on December 6.

OPEC, headquartered in Vienna, Austria, accounted for half of the global and around 80 per cent of the proven

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 14:25 IST
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