World’s largest liquefied natural gas exporter Qatar has decided to step away from the Organization of the Petroleum Exporting Countries (OPEC). 

Speaking at a news conference, Qatar’s minister of state for energy affairs, Qatar Petroleum’s president and CEO Saad Sherida Al-Kaabi, the country is set to withdraw effective January 1, 2019.

Al-Kaabi, said, “Qatar has worked diligently during the past few years to develop a future strategy based on growth and expansion, both in its activities at home and abroad.”

The decision follows Qatar’s revision of its international role as well as its long-term strategy that will put even more focus on its natural gas industry.

Al-Kaabi added that Qatar is set to attend this week’s OPEC meeting in Vienna. OPEC members will be meeting in Austria to discuss supply cuts.

Qatar, currently producing 77 mtpa of LNG has devised plans to increase the production capacity to 110 mpta.

LNG World News Staff