December 12, 2024 18:25 (IST)

Make this your homepage

Foreign

Amid Atul Subhash row, SC says mere harassment is not enough to prove abetment to suicide | India's D Gukesh becomes youngest ever world champion in chess | Devendra Fadnavis meets PM Modi amid suspense over Maharashtra portfolio allocation | Congress wants to deviate the issue of Sonia Gandhi-George Soros link: JP Nadda | Bengaluru techie suicide: Atul Subhash's family demanded Rs. 10 lakh as dowry leading to my father's death, claims estranged wife | Syria rebels torch tomb of ousted president Bashar al-Assad's father | Donald Trump vows to eliminate birthright citizenship after taking charge | No alliance with Congress in Delhi polls: AAP chief Arvind Kejriwal | Bengaluru techie's suicide: Atul Subhash's wife and her family booked | Bengaluru techie's suicide: Atul Subhash's wife and her family booked

Qatar government announces decision to pull out of OPEC

India Blooms News Service | @indiablooms | Dec 03, 2018, at 03:39 pm

#OPEC #Qatar #Doha #OPECJanuary1

Doha, Dec 3 (IBNS): Qatar on Monday announced its decision to withdraw from Organization of Petroleum Exporting Countries (OPEC) in order to focus on increasing production of natural gas.

The move will be made effective from Jan 1, 2019.

Saad Sherida Al-Kaabi, the country’s Minister of State for Energy Affairs made the announcement during a press conference in Doha on Monday.

Quoting Saad Sherida Al-Kaabi, Qatar Petroleum, the state-owned corporation responsible for oil and gas activities, posted on Twitter: "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."

Qatar announces it was withdrawing from the Organization of Petroleum Exporting Countries “OPEC” effective 1 January 2019.
— Qatar Petroleum (@qatarpetroleum) December 3, 2018

He said: "Achieving our ambitious growth strategy will undoubtedly require focused efforts, commitment and dedication to maintain and strengthen Qatar’s position as the leading natural gas producer.”

Qatar was a member of OPEC since 1961.

Saad Sherida Al-Kaabi said OPEC has been informed on the matter.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.