Qatar is quitting Opec, the oil cartel led by Saudi Arabia, just days before the group’s next meeting.
While Qatar is not a big oil country — it accounts for less than 2% of global output — the move was seen as significant politically.
Qatar, the world’s richest country per person, said it intends to focus on gas production.
Energy minister Saad al-Kaabi, left, said: “We don’t have great potential (in oil). We are very realistic. Our potential is gas.”
But Qatar has been an Opec member since 1961.
It has faced boycotts from Arab neighbours over allegations that it funds terrorism.
It insisted the Opec move was not related to the political and economic boycott by the Saudis.
Qatar will still take part in this week’s meeting in Vienna, when Opec is expected to cut production levels to boost the oil price, up $2 to $62 on Monday.
