Qatar to withdraw from OPEC as of January 2019: Minister

 

Qatar to withdraw from OPEC as of January 2019: Minister

Doha - Qatar would still attend an OPEC meeting in Vienna this week, the minister said.

By Reuters

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Published: Mon 3 Dec 2018, 9:57 AM

Last updated: Tue 4 Dec 2018, 8:13 AM

Qatar is withdrawing from the Organisation of the Petroleum Exporting Countries (OPEC) as of January 2019, Saad Al Kaabi, the country's energy minister, said on Monday.

"Qatar has decided to withdraw its membership form OPEC effective January 2019 and this decision was communicated to OPEC this morning," he told a news conference, adding that Qatar would still attend an OPEC meeting in Vienna this week.

The announcement comes ahead of the meeting by OPEC and its allies including Russia on December 6-7 to discuss cutting supply.

The minister said the decision was not easy as Qatar has been in OPEC for 57 years, but that the country's impact on OPEC production decisions was small.


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