In this file photo from 2005, journalist and media crews tour the Qatar Gas 2 LPG facilities. (Source: Shutterstock.com)
Qatar plans to quit OPEC from next year as relations with its Arab neighbors sour, ending a near six-decade-long membership of the oil price cartel.
The emirate’s oil minister told reporters on Dec. 3 the decision to leave the group of big oil exporting countries had come after Qatar reviewed the ways it could enhance its role abroad while shifting the focus of the country towards gas.
The move comes amid a deteriorating political situation between Qatar and its neighbors. Four Arab states—Saudi Arabia, the United Arab Emirates, Bahrain and Egypt—have imposed a trade and travel embargo on the country since June last year over allegations that Qatar supports terrorism.