Qatar announced today (November 3) that it will pull out of OPEC (Organization of Petroleum Exporting Countries) in January.
According to Energy Minister Saad al-Kaabi, Qatar wants to focus on natural gas production and exports.
Qatar is only the OPEC cartel's 11th largest oil producer, but it is the world's largest natural gas exporter. Doha wants to boost gas production from 77 million to 110 million tonnes in the coming years.
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