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Qatar announces withdrawal from OPEC

by ChemOrbis Editorial Team - content@chemorbis.com
  • 03/12/2018 (10:58)
According to a statement on Qatar Petroleum’s social media page, Qatar’s Minister of State for Energy Affairs has announced the country’s withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) at a press conference in Doha, Qatar.

Qatar’s decision reflected its desire to focus its plans to develop and increase its natural gas production, the state-owned petroleum company said in the statement. Over the coming years, Qatar aims to increase its natural gas production to 110 million tons/year from its current level of 77 million tons/year.

According to figures from the Energy Information Administration (EIA), Qatar’s crude oil production was the second lowest in OPEC and the country was the third-smallest crude oil exporter among members in 2014. Qatar currently ranks as the largest exporter of liquefied natural gas (LNG) in the world.
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