Qatar is set to exit the Organisation of Petroleum Exporting Countries (OPEC), in January 2019.
In a series of tweets on Monday, the Arab country said the exit is as a result of the decision to focus on gas production.
“The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tons per year to 110 million tons in the coming years,” Saad Sherida Al-Kaabi, Qatar’s minister of state for energy affairs, told a press conference in Doha.
“We don’t have great potential [in oil], we are very realistic. Our potential is gas.
“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
“Achieving our ambitious growth strategy will undoubtedly require focused efforts, commitment and dedication to maintain and strengthen Qatar’s position as the leading natural gas producer.
“Qatar is proud in its international standing at the forefront of natural gas producers, and as the biggest exporter of LNG – the cleanest fossil fuel, which has given Qatar a strong and resilient economy.”
Qatar, which is OPEC’s 11th largest producer, was the first country to join OPEC after it was created in 1960 by the five founding nations; Kuwait, Saudi Arabia, Iran, Iraq and Venezuela.