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Qatar to leave OPEC

Tehran, Al Jazeera TV channel announced on Monday Qatar plans to withdraw from the Organization of Petroleum Exporting Countries (OPEC).

According to Al Jazeera, Qatar said it will leave the organization from the beginning of January 2019 and will announce its decision to OPEC on Monday.

A Qatari minister (who spoke on condition of anonymity) has told Reuters the decision is in line with Doha's longterm strategy to improve its international role.

However like other nonmembers, Qatar will adhere to its commitments.

Headquartered since 1965 in Vienna, OPEC is an intergovernmental organization of 15 nations, founded in Baghdad in 1960 by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela).

The stated mission of the organization is to 'coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.'

Source: Islamic Republic News Agency IRNA

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