Question: Which of the following country recently announced its withdrawal from the membership from OPEC?
- Qatar will quit the bloc of Petroleum Exporting Countries OPEC as per the announcement of its Energy Minister Mr. Saad Sherida (Saad al-Kaabi); this will come into effect from January 2019. Qatar was its member since 1961.
- Qatar notified that it would leave OPEC to focus on gas production, in a swipe at Saudi Arabia, the de facto leader of the group, which is trying to show unity in tackling an oil price slide.
- Qatar holds only around 2% of global oil reserves. Qatar is one of the world’s biggest Liquefied Natural Gas (LPG) exporters. It plans to boost its gas production from 77 million tonnes a year to 110 million tonnes per year by 2024.
- Organization of the Petroleum Exporting Countries (OPEC) is a Permanent Intergovernmental Organization of 15 oil-exporting countries created at Baghdad Conference in 1961.It is headquartered in Vienna, Austria.
- Five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela are founder members of the Organization.