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Qatar to pull out of OPEC

IANS  |  Doha 

on Monday announced that it intends to withdraw from the Organization of Exporting Countries (OPEC) after nearly 60 years of membership in order to focus on its plans to increase

The planned January 1, 2019, withdrawal was announced at a press conference here earlier in the day and confirmed by Petroleum, the state-owned corporation responsible for oil and gas activities, on

"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

He said that had been informed of the decision, news reported.

has been a member of 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 from 77 million tonnes a year to 110 million tonnes in the coming years.



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

First Published: Mon, December 03 2018. 13:42 IST