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.
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