Qatar has decided to leave the Organization of Petroleum Exporting Countries (OPEC) and focus more on the production of natural gas from  January 2019 onward. By leaving the bloc, Qatar will become the first Gulf country to leave OPEC, an intergovernmental organization of 15 oil-producing countries. 

Highlights

  • Since 1961, Qatar has been a member of the group which includes a total of 15 petroleum exporting countries.  The group is led by Saudi Arabia.
  • Qatar has decided to leave the group at the time when the politics in the Gulf region is going through a turbulent situation. 
  • Qatar is considered as the largest exporter of the Liquified Natural Gas (LPG)and with the producing around 600,000 barrels of crude oil every day, it also considered as the 17th largest oil-producing country. 
  • Currently, Qatar posses a total of 2 percent of the world's oil reserves and desires to increase the production of natural gas from 77 million tonnes/ year to 110 million in the future. 
  • As a member of OPEC, Qatar was producing oil with limited opportunities for increase and growth. Since 2013, the OPEC member has faced a steady decline in oil production from about 728,000 barrels per day (2013) to about 607,000 barrels per day (2017). 
     

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