The State of Qatar, an oil-producing sovereign Arab emirate, said Monday that it will withdraw from the Organization of the Petroleum Exporting Countries. The announcement, just days ahead of a crucial OPEC meeting, was made by Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, at a press conference in Doha, according to the Twitter account of state-owned Qatar Petroleum. The minister said that OPEC had been informed of his country’s decision. “The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tons per year to 110 million tons in the coming years,” said Al-Kaabi, according to that Twitter account. West Texas Intermediate crude futures
rose $2.53, or nearly 5%, to $53.46 a barrel, while Brent futures
rose $2.73, or 4.6%. to $62.19 a barrel.
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