Qatar will be withdrawing from the Organisation of the Petroleum Exporting Countries (OPEC) effective January 1, 2019.
H E Saad Sherida Al Kaabi, Minister of State for Energy Affairs said, Qatar’s withdrawal from OPEC at a public interview in Doha and said the association was informed, reported the peninsulaqatar.
“The withdrawal choice mirrors Qatar’s desire to focus its efforts on plans to create and increment its natural gas production from 77 million tons for every year to 110 million tons in the coming years,” Al Kaabi said.
“Qatar has worked industriously amid the previous couple of years to build up a future technique dependent on development and extension, both in its activities at home and abroad,” he included.
Minister Al Kaabi said, the decision was not easy as Qatar has been in OPEC for 57 years, yet that the nation’s effect on OPEC creation choices was little. He focused on that Doha would keep on complying with every one of its duties like some other non-OPEC oil maker.
Al Kaabi said, Qatar would keep on delivering oil and look for arrangements in nations including Latin America’s best oil maker Brazil. Be that as it may, gas generation would remain the best need for Qatar, which is the world’s the greatest exporter of liquified natural gas (LNG).
“We don’t have extraordinary potential (in oil), we are extremely reasonable,” said Kaabi, who described himself as “Mr Gas” amid the meeting. “Our potential is gas.
Qatar announces it was withdrawing from the Organization of Petroleum Exporting Countries “OPEC” effective 1 January 2019.
— Qatar Petroleum (@qatarpetroleum) December 3, 2018
“I believe it’s inefficient to focus on something that is not your center business and something that won’t profit you long-term.”
The minister additionally state, “Accomplishing 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 included that Qatar is glad in its universal remaining at the front line of petroleum gas producers, and as the biggest exporter of LNG — the cleanest non-renewable energy source, which has given Qatar a solid and flexible economy