Qatar has announced it is pulling out of the OPEC oil producers’ cartel, just days before the group meets in Vienna.
The Gulf state, which joined OPEC in 1961, said it would leave the cartel in January and would focus on gas production.
Qatar, the world’s biggest exporter of liquefied natural gas, has been boycotted by some Arab neighbors over allegations that it funds terrorism.
OPEC is expected to cut oil supply at this week’s meeting.
Explaining Qatar’s decision, Energy Minister, Saad Al-Kaabi, said geopolitics was not factor in the decision.
Since June 2017, Qatar has been cut off by some of its powerful Arab neighbors, particularly Saudi Arabia, over its alleged support for terrorism.
Qatar’s withdrawal from OPEC may not have any lasting impact on the price of oil as it is a relatively small producer.