Qatar withdraws from OPEC, says will exit on January 1

  • Enriched in gas, the state of Qatar plans to pull out of OPEC – the Organization of the Petroleum Exporting Countries. It is the first middle eastern country to have declared its wish to withdraw from the organization. OPEC members, all together, are responsible for 44% supply of the world's crude oil. Qatar however, pumped out a marginal in comparison to other member states. It accounted around 600,000 barrels amidst the total of 25 million barrels in a day. Congo and Equatorial Guinea have recently joined OPEC, so the impact of Qatar leaving shall be diminished. Qatar was a member since 1961, and sources suggest that the organization was aware about the decision, prior to the world-wide announcement. 

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