Home » Quatar Sets to Renounce OPEC Membership.

Quatar Sets to Renounce OPEC Membership.

by Israel Akintunji

Qatar has announced that it will leave OPEC, on January 1 after 57 years of membership.

Qatar Petroleum, made the announcement in a series of tweets. “The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production,” Saad Sherida Al-Kaabi, the country’s minister of state for energy affairs, was cited as saying in one of the tweets.

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OPEC aims to monitor the market and decide to raise or lower oil production in order to maintain stable prices and supply.

Qatar has been a member of OPEC since 1961. It said the organization was aware of its decision to withdraw

 

 

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