Qatar is set to leave OPEC

Saad Sherida Al-Kaabi, the Qatari Minister of State for Energy Affairs, announced Qatar’s withdrawal from OPEC effective 1 January 2019. Qatar joined the oil cartel back in 1961 but the withdrawal decision reflects Qatar’s desire to develop a new plan for increasing production without external interference. The ambitious national plan is set to increase natural gas production from 77 million tons per year to 110 million tons in the coming years.