Qatar to exit OPEC in January 2019, emphasis on increasing production of itself

Qatar to exit OPEC in January 2019, emphasis on increasing production of itself

New Delhi: Qatar said on Monday that it will exit the group of major crude oil producing countries in January 2019 (OPEC). However, he will be joining this week’s meeting. Qatar’s Energy Minister Saad al-Kabi announced on Monday. This means that Doha can focus on strengthening its position as the world’s top liquefied Natural Gas (LNG) exporter. Let us say that Doha is one of the smallest oil producers in the organization of petroleum exporting countries.

Kabi said in a press conference, Qatar has decided to leave OPEC’s membership which would be effective from January 2019. Al-Qaibi said that Qatar had been associated with OPEC for 57 years but now he will be out of it. However, he said Qatar will attend the meeting of the OPEC Group on Thursday and Friday this week.

Qatar’s Energy Minister Saad al-Qaibi said, “Qatar has decided that it will go out of the group (OPEC) from January 2019 and its information has been given to OPEC.”

News Agency Reuters has informed sources that while living in OPEC, Qatar is not a major producer but it will have a profound impact in OPEC history.

Qatar produces 6 million barrels of crude oil a day. Whereas in the OPEC group, Saudi Arabia produces 10 million barrels of crude oil per day. Saudi Arabia is the largest oil producing country in the OPEC group, as well as the world’s largest oil exporter. But in the world of Doha, there is a big country in terms of liquid natural gas production. Doha produces 77 million liquefied natural gas every year

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