Qatar to withdraw from OPEC

Qatar will withdraw from the Organization of the Petroleum Exporting Countries (OPEC), the Gulf nation’s Energy Minister Saad Sherida al-Kaabi announced on Monday.

The decision to quit the bloc of 15 oil-producing countries that account for almost half of the world’s oil production was confirmed by Qatar Petroleum, the country’s state oil company.

Qatar is the first Gulf country to leave the bloc of oil-producing countries.

It decided days ahead of a December 6 OPEC meeting, according to Aljazeera.

Qatar joined OPEC in 1961, one year after the organisation’s establishment.