Qatar announced on December 3 that it will exit the Organization of the Petroleum Exporting Countries (OPEC) and increase its focus on gas, Reuters reported.
Qatar will officially leave the cartel in January 2019 and said that its decision was not influenced by any political matters.
“We are not saying we are going to get out of the oil business, but it is controlled by an organization managed by a country,” Saad al-Kaabi, Qatari Minister of State for Energy Affairs, said.
This decision was taken because it was not practical “to put efforts and resources and time in an organization that we are a very small player in and I don’t have a say in what happens,” al-Kaabi added.
Qatar is one of the smallest oil-producers in OPEC but is the world’s largest exporter of liquefied natural gas (LNG).
Qatar attended OPEC’s meeting in Vienna and said that it will commit to their decisions with more focus on its gas potentials.