November 05, 2024 16:56 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Union Minister HD Kumaraswamy booked for threatening cop probing into mining case | Supreme Court upholds validity of Uttar Pradesh Madrasa Education Act | Not all private properties are community resources that govt can take over: Supreme Court | Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region
Qatar government announces decision to pull out of OPEC

Qatar government announces decision to pull out of OPEC

| @indiablooms | 03 Dec 2018, 10:09 am

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."
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.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia 22 Mar 2023, 02:56 pm
Related Videos