Qatar to quit OPEC

Qatar pulls out of Opec oil producers' cartel

"Qatar is proud in its worldwide 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".

Qatar will withdraw from the Organization of the Petroleum Exporting Countries (OPEC), the Gulf nation's Energy Minister Saad Sherida al-Kaabi announced on Monday.

Al-Kaabi said that Qatar chose to pull out this calendar year as to not be an OPEC member in 2019 and that it is not related to the blockade of Qatar by OPEC countries Saudi Arabia and the United Arab Emirates (UAE) and non-OPEC countries Egypt and Bahrain.

Opec is expected to cut oil supply at this week's meeting.

"We don't have great potential (in oil), we are very realistic".

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He said geopolitics was not factor in the decision.

Qatar's Energy Minister Mohammed bin Saleh al-Sada made the surprise announcement during a news conference in the Qatari capital, Doha, on Monday.

"This decision reflects the desire of the State of Qatar to focus its efforts on the development of the natural gas industry and to implement recently announced plans to increase the country's production of liquefied natural gas from 77 to 110 million tons annually", Mr Al Baabi said.

The organization is dominated by oil-rich Saudi Arabia, which since June 2017 has led a bloc of countries in imposing a blockade on Qatar.

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