Qatar has announced that it will leave the Organization of the Petroleum Exporting Countries (OPEC) next month to focus on its gas production, of which it is one of the world’s leading exporters.
The small emirate has been a member since 1961 of OPEC, an organization founded a year earlier, especially under the leadership of Saudi Arabia, which dominates the cartel of 15 members to date.
“This decision, technical and strategic, has nothing to do with the embargo imposed in Doha since the break-off of diplomatic relations in 2017 with Saudi Arabia and its allies,” said Saad Al-Kaabi, the new minister of Emirate Energy.
The latter, however, said he would go to the next meeting of OPEC this week in Vienna. Qatar’s decision to exit OPEC is expected to have little impact on the market, experts said.