Qatar announced today that it is leaving the Organization of the Petroleum Exporting Countries (OPEC) to focus on its gas industry. Qatar, which joined the oil cartel in 1961, is one of the smallest oil producers but the world’s largest exporter of liquefied natural gas. “Qatar has decided to withdraw its membership form OPEC effective January 2019 and this decision was communicated to OPEC this morning,” Qatari Energy Minister Saad al-Kaabi said at a press conference. Despite the decision, Qatar will attend this week's ministerial meeting in Vienna amid calls from Saudi Arabia to cut production to stop prices from falling. Saudi Arabia, one of OPEC’s founding members, has been leading a boycott against the tiny Gulf country since June 2017. Read More
BY ASIA TIMES STAFF
Gulf producer says it will focus on natural gas amid tensions with Saudi Arabia