Qatar withdraws from OPEC

03.12.2018,15:10


December 3, Fineko/abc.az. Withdrawal from the Organization of Petroleum Exporting Countries (OPEC) has been stated in Doha, Qatar.

Qatari State Minister for Energy Saad bin Shreda al-Kaabi stated that Qatar made a decision to withdraw from OPEC from 1 January 2019.

"The country wants to focus on extraction of gas and liquefied natural gas," the minister added.

OPEC is an international intergovernmental alliance established by oil-producing states to control production quotas. OPEC consists of Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE and Venezuela. Members of the Organization control about two thirds of world's oil reserves, accounting for up to 45% of global production and half of exports.