Qatar to quit Saudi-dominated OPEC in 2019

Qatar pulls out of Opec oil producers' cartel

Al-Kaabi said that Qatar made a decision to pull out this calendar year as to not be an OPEC member in 2019.

While announcing the decision to quit Opec, the country's energy minister Saad al-Kaabi said that it was not linked to the political and economic boycott of Qatar that has been imposed since June 2017 by Opec's de facto leader Saudi Arabia and three other Arab states, including the UAE.

That meeting is expected to set a policy for 2019 and despite Qatar's announcement, oil prices soared on Monday after Russian Federation and Saudi Arabia renewed a pact to cap output.

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Qatar, the world's largest exporter of liquefied natural gas (LNG), is still planning to take part in the meeting scheduled for December 6 in Vienna.

Saad al-Kaabi, the country's energy minister, told a news conference: "Qatar has chose to withdraw its membership from Opec effective January 2019 and this decision was communicated to Opec this morning".

"The withdrawal decision reflects Qatar's desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tons per year to 110 million tons in the coming years", the minister was quoted as saying.

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The oil prices in October, reached a four-year high of $86, but since then the price has dropped to about $60 per barrel. Oil prices surged on Monday after the U.S. and China agreed a 90-day truce in their trade war at a weekend meeting of the G20 nations in Argentina.

"Qatar has chose to withdraw its membership from Opec effective January 2019 and this decision was communicated to Opec this morning", the minister said. According him, Doha will stick to all its commitments like any other non-OPEC oil producer.

"We don't have great potential (in oil), we are very realistic", said Kaabi, who described himself as "Mr Gas" during the conference. Basically, Qataris have brought the biggest weapon out and it only means more instability between the Qatari and Saudi relationship.

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The organisation is dominated by oil-rich Saudi Arabia, which has led a bloc of countries in imposing a blockade on Qatar.

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