AMN / Doha
Qatar today announced that it would withdraw from the Organization of Petroleum Exporting Countries (OPEC) on January 1, 2019 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.
Minister of State for Energy Affairs, HE Saad Sherida Al-Kaabi announced Qatar’s withdrawal from OPEC at a press conference in Doha and said the organization was informed.
“The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tons per year to 110 million tons in the coming years,” the minister said.
He added, “Qatar has worked diligently during the past few years to develop a future strategy based on growth and expansion, both in its activities at home and abroad.”
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. He stressed that Doha would continue to abide by all its commitments like any other non-OPEC oil producer.
The minister also said, “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 that Qatar is proud in its international standing at the forefront of natural gas producers, and as the biggest exporter of LNG – the cleanest fossil fuel, which has given Qatar a strong and resilient economy.
Qatar has been a member of OPEC since 1961. It said the organization was aware of its decision to withdraw.