Qatar will withdraw from Opec on January 1

Qatar pulls out of Opec oil producers' cartel

Qatar to leave OPEC in 2019, energy minister says

But gas production would remain the top priority for Qatar, which is the world's the biggest exporter of liquified natural gas (LNG).

Al-Kaabi said the decision to increase the supply of natural gas is to "develop a future strategy based on growth and expansion, both in its activities at home and overseas".

Legit.ng gathers that the Qatar's energy minister, Saad al-Kaabi, who spoke at a news conference, said the country would be withdrawing from OPEC on January 1, 2019.

The minister said the withdrawal reflects his country's desire to focus on plans to develop and increase its natural gas production from 77 million tons per year to 110 million tons in coming years. Qatar wants to ramp up liquefied natural gas production from 77m to 110m tonnes a year.

According to report, OPEC and non-OPEC members are expected to meet in Vienna, Austria on Thursday, December 6, with the aim of reaching an accord over possible output cuts.

Cameramen compete to take Crown Prince's pictures at G20
The visit comes after Prince Mohammed's attendance at the G20 summit in Argentina, where he represented Saudi Arabia. The crown prince's electronic messages were sent to Saud al-Qahtani, according to the Central Intelligence Agency .

Oil prices surged about 5 per cent on Monday after the United States and China agreed to a 90-day truce in their trade war, but Brent crude is still trading at around $62 a barrel, well below October's peak of more than $86. Mining stocks are also surging.

Qatar has said it will be withdrawing from the Organisation of Petroleum Exporting Countries (OPEC) in January 2019. He stressed that Doha would abide by its global commitments like any other non-Opec oil producer.

"We don't have great potential (in oil), we are very realistic".

"Basically, Qataris have brought the biggest weapon out and it only means more instability between the Qatari and Saudi relationship", Naeem Aslam, chief market analyst at ThinkMarkets, told The National.

The organization is dominated by oil-rich Saudi Arabia, which since June 2017 has led a bloc of countries in imposing a blockade on Qatar. "This has jolted the price of oil higher especially the fact that Canada's largest oil-producing province is curbing the output".

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