The small, gas-rich state of Qatar said Monday that it will leave the oil cartel on January 1 after nearly 60 years of membership.
Qatar’s contribution has been marginal compared to some of the cartel’s biggest producers like Saudi Arabia and Iraq.
It pumps about 600,000 barrels a day of the almost 25 million barrels a day from all OPEC members,
Country’s energy minister Saad al-Kaabi said the decision was not linked to a political and economic boycott of Qatar imposed in June 2017 by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.
They imposed a trade and travel embargo on Qatar over allegations that it supports terrorism.
Doha denies the charges.
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
