OPEC respects Qatar’s decision to withdraw

  04 December 2018    Read: 1332
OPEC respects Qatar’s decision to withdraw

The OPEC Secretary General Mohammad Sanusi Barkindo, has received a letter from the State of Qatar giving notice of its intention to withdraw from its Membership of OPEC, pursuant to Article 8 of the OPEC Statute, with effect from 1 January 2019, said a message from the cartel.

The letter from His Excellency Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs, also expressed sincere appreciation to OPEC Member Countries, the OPEC Secretary General and all OPEC staff.

“Every Member Country has the sovereign right to withdraw from the organization and this requires no approval from the OPEC Conference. The organization respects the decision taken by the State of Qatar.
The OPEC Secretariat expresses thanks to the State of Qatar for its support of the organization over the many decades of its membership,” said the cartel.

In the past three years, OPEC has seen Gabon (2016) rejoin the organization and welcomed new members, Equatorial Guinea (2017) and the Republic of the Congo (2018). “OPEC appreciates the continued interest of producers wanting to join the organization.”

OPEC said it remains fully committed to achieving and sustaining balance and stability in the market, through the organization, and with the landmark ‘Declaration of Cooperation’, alongside 10 participating non-OPEC countries.

The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.

These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018).

Ecuador suspended its membership in December 1992, but rejoined OPEC in October 2007. Indonesia suspended its membership in January 2009, reactivated it again in January 2016, but decided to suspend its membership once more at the 171st Meeting of the OPEC Conference on 30 November 2016. Gabon terminated its membership in January 1995. However, it rejoined the organization in July 2016.

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