Qatar to Exit OPEC in January 2019

By Modupe Gbadeyanka

Qatar’s Minister of Energy, Mr Saad al-Kaabi, on Monday said his country will withdraw from the Organisation of the Petroleum Exporting Countries (OPEC) from January 1, 2019.

Qatar is one of smallest oil producers presently in OPEC, which boasts of 15 nations and was founded in 1960 in Baghdad by the first five members, and headquartered since 1965 in Vienna, Austria.

At a news conference on Monday, Mr al-Kaabi noted that his nation’s exit from the oil cartel represents a “technical and strategic” and not linked to the 18-month political and economic boycott of Doha.

Since 1961, Qatar has been an official member of the very powerful OPEC, which holds its last meeting for the year 2018 this week in Austria.

Since June 2017, Saudi Arabia, an influential member of OPEC, along with three other Arab states, has cut trade and transport ties with Qatar.

Saudi Arabia accused Qatar of supporting terrorism and their regional rival, Iran, which the gulf country has vehemently denied.

Recently, Qatar said it would review ways in which it could improve its global standing and plan its long-term strategy.