Qatar Quits OPEC

Qatar’s withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) took effect on Tuesday, ending its nearly 60-year membership in the cartel.

Qatar’s Minister of State for Energy Affairs Saad bin Sherida al-Kaabi announced the withdrawal decision in December. OPEC responded that they respected Qatar’s decision.

It is the first time that a Middle East nation has left the organization since its founding in 1960. Qatar produces only some 600,000 barrels of crude oil a day, making it the 11th biggest producer in the 15-nation cartel.

Since Qatar’s oil output is not high, it will not affect the global oil prices if Qatar leaves the organization, al-Kaabi said while announcing the decision in December.

Doha is a leading producer for liquefied natural gas (LNG), with annual output of 77 million tons. The Qatar energy minister said Doha plans to increase its output to 110 million tons by 2024, while phasing out its oil production. — Reuters

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