Qatar pulling out of OPEC to focus on natural gas production
- 5 years ago
Qatar says it's pulling out of OPEC after nearly 60 years as a member of the oil cartel.
The announcement was made by Qatar's energy minister on Monday.
The gulf nation will leave beginning next year to focus on natural gas.
Qatar is one of the cartel's smallest oil producers and its withdrawal is not expected to have a big impact on the oil market.
Crude prices soared on Monday, but experts attributed the rise to the 90-day truce in the U.S.-China trade war.
Doha also dismissed suggestions its withdrawal was due to political tensions with Saudi Arabia and other Arab nations.
The announcement was made by Qatar's energy minister on Monday.
The gulf nation will leave beginning next year to focus on natural gas.
Qatar is one of the cartel's smallest oil producers and its withdrawal is not expected to have a big impact on the oil market.
Crude prices soared on Monday, but experts attributed the rise to the 90-day truce in the U.S.-China trade war.
Doha also dismissed suggestions its withdrawal was due to political tensions with Saudi Arabia and other Arab nations.