Qatar announces decision to withdraw from OPEC Organization in January 2019

Energy Minister of Qatar has announced that Qatar will not be part of OPEC (the Organization of Petroleum Exporting Countries) any more. The Minister said that they would buy and sell oil like other countries.

The Minister also said Qatar would fulfil its current commitments regarding OPEC until 19 January 2019. After these statements, oil prices increased by 5 percent. Brent oil was traded at US$ 62 in the morning.

Qatar Energy Minister Saad al-Kaabi who declared the decision to withdraw said “We informed OPEC about our decision this morning and we will withdraw effective January 2019. We will continue to abide by our commitments just like other non-member countries.”

Al-Kaabi said that Qatar’s move would have a “small” effect on OPEC’s oil production decisions adding “it’s not easy to leave OPEC for 57 years.”

Following Qatar’s decision, a summit is expected to be held on December 6.