Qatar announced on Monday that it would be renouncing its membership in OPEC. This will make Qatar the first Arab country to leave OPEC since the organization’s founding in 1960. Qatari Energy Minister Saad Sherida al-Kaabi stated that the departure is part of a plan in which Qatar will focus on its natural gas industry and increase its natural gas production from 77 million tons a year to 110 million tons. However, the move also comes at a time of unyielding tension between Qatar and fellow OPEC member Saudi Arabia. It is unclear as to whether this ongoing tension was a factor in Qatar’s decision to leave the bloc.
