Qatar said it will be quitting the Organization of Petroleum Exporting Countries (OPEC) by January 2019.
The planned withdrawal is a sign that its row with Saudi Arabia and other Gulf countries has further escalated.
OPEC is a group consisting of 12 of the world’s major oil-exporting nations. OPEC was founded in 1960 to coordinate the petroleum policies of its members, and to provide member states with technical and economic aid.
The withdrawal means they Qatar would no longer be obliged to cooperate with any agreement reached by OPEC as well as its output cuts.
Qatar is the world’s largest producer of natural gas and the new decision to exit OPEC might see it concentrating on its natural gas business.