Qatar announced plans to pull out of OPEC on Monday, just days before a crucial meeting between the influential oil cartel and its allies.
Speaking at a news conference, Qatar’s Energy Minister Saad al-Kaabi said the country would withdraw from OPEC on January 1, 2019, ending a membership which has stood for more than half-a-century.
The decision comes after Qatar reviewed ways in which it could improve its global standing and plan its long-term strategy.
The country’s energy minister said Monday that the move represents a “technical and strategic” change, Reuters reported, and was not politically motivated.
Qatar’s Al-Kaabi also said the decision was not linked to the 18-month political and economic boycott of Doha.
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