fbpx

Qatar to leave OPEC

Image: sweetcrudereports.com
Qatar’s national oil company Qatar Petroleum on Monday announced that the small oil producing country will leave the Organization of Petroleum Exporting Countries (OPEC) next year.
“Qatar has decided to withdraw its membership from OPEC effective January 2019,” Energy Minister Saad al-Kaabi said.
He said that Qatar was focusing on increasing its gas production, as it is the biggest natural gas exporter globally, aiming to ramp up liquefied natural gas production to 110 million tons a year.
The minister stated that the country would continue to produce oil, adding that its contribution to OPEC was small. Qatar pumps 600,000 barrels a day, compared to Saudi Arabia, which produces 11 million barrels a day.
Qatar, which has been part of OPEC for 57 years, will still take part in the OPEC meeting in Vienna, Austria, on Thursday.

Share This Article

Share on twitter
Share on facebook
Share on linkedin
Share on reddit
Share on whatsapp
Share on email
Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.

Subscribe to our newsletter

Sign up for latest news and event info

Copyright © 2021 Energy Capital & Power. Privacy Policy · Terms of Use