Qatar Says Will Exit OPEC: All You Need To Know

Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019, the country바카라�s energy minister Saad al-Kaabi announced on Monday.

The decision to withdraw from OPEC came after Qatar reviewed ways to enhance its role internationally and plan its long-term strategy, al-Kaabi told a news conference.

He said the withdrawal decision reflects Qatar's aim to increase its natural gas production from 77 million tonnes a year to 110 million tons in the coming years.

Here바카라�s all you need to know 

• Qatar바카라�s energy minister said the decision to pull out of OPEC is a 바카라�technical and strategic바카라� change, and was not politically motivated, reported Reuters.
• The announcement comes ahead of the meeting by OPEC and its allies including Russia on December 6-7 to discuss output cuts.
• Qatar is the world바카라�s biggest exporter of liquefied natural gas (LNG), producing almost 30 per cent of the world바카라�s natural gas.
• Most of the LNG comes from two major gas and oil fields, one of which is shared with Iran.
• Qatar바카라�s oil production is only around 600,000 bpd. It is one of OPEC바카라�s smallest oil producers, especially when compared to the likes of Saudi Arabia.
• Qatar has been at loggerheads with its neighbour and de facto OPEC leader Saudi Arabia.
• Qatar is the first country to leave the bloc.
• Qatar joined OPEC in 1961, one year after the organisation바카라�s establishment.
• Since June 2017, Saudi Arabia and three other Arab states have cut trade and transport ties with Qatar, accusing the country of supporting terrorism. Doha had strongly denied Saudi Arabia바카라�s accusations and said it has taken more counter-terrorism measures than some of its neighbours.

(With inputs from agencies)