Qatar has announced it's leaving the world's most important group of oil-producing nations after almost six decades. The country says it wants to focus more on exporting liquefied natural gas. But some analysts believe the move is political.
The Gulf nation of Qatar's new energy minister said that his country will leave OPEC effective January of 2019. He said that he had informed OPEC of his decision ahead of his announcement.
President Donald Trump's call for OPEC to keep oil flows unrestricted drew criticism from Saudi Arabia. The oil cartel convened in Vienna to discuss cutting output, in a bid to bring prices back from a two-month slump.
Qatar is leaving OPEC. The Gulf country's government has said the move is mainly for economic reasons, but dramatically worsened ties with some of its neighbors also played a significant role.
Eighteen months after a Saudi-led blockade was imposed, Qatar isn't just moving on but planning to move ahead. The desert country shows it has the gumption — and the money — to brook frosty relations with its neighbors.
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