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Qatar is to leave the Organization of the Petroleum Exporting Countries (OPEC) next month. the Gulf emirate`s new Energy Minister Saad al-Kaabi announced on Monday.
`Qatar has decided to withdraw its membership from OPEC effective January 2019.` Kaabi said at a press conference in Doha.
According to the minister. the emirate will no longer remain committed to OPEC agreements.
`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.` Kaabi said.
`Qatar is proud in its international standing at the forefront of natural gas producers. and as the biggest exporter of [the liquid natural gas] LNG — the cleanest fossil fuel. which has given Qatar a strong and resilient economy.`
He added that OPEC was told of the decision on Monday ahead of the announcement.
Qatar. a country of 2.6 million people. discovered the offshore North Field in 1971. the same year it became independent.
It took years for engineers to discover the gas field`s vast reserves. which shot Qatar to No. 3 in world rankings. behind Russia and Iran. with which it shares the North Field.
