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Qatar has announced that it will be leaving OPEC, effective January 1, 2019, according to multiple reports.
The country's oil company, Qatar Petroleum, made the announcement on Monday December 3, 2018 on Twitter. Energy Minister Saad Sherida al-Kaabi note that the decision was made as a result of Qatar's desire to "focus its efforts on plans to develop and increase its natural gas production."
Qatar was a member of OPEC for sixty years.
This development comes amid tension with Saudi / the United Arab Emirates - the countries placed an embargo on Qatar 18 months ago.
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