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"Achieving our ambitious growth strategy will undoubtedly require focused efforts, commitment and dedication to maintain and strengthen Qatar's position as the leading natural gas producer", al-Kaabi.

Oil prices soared on Monday after Russian Federation and Saudi Arabia renewed an agreement to cap output, while the United States agreed to halt raising tariffs on Chinese imports, stalling a trade row that many feared could hit demand for the commodity.

He said Qatar Petroleum planned to raise its production capability from 4.8 million barrels oil equivalent per day to 6.5 million barrels in the next decade.

Minister of State for Energy Affairs, HE Saad Sherida Al-Kaabi announced Qatar's withdrawal from OPEC at a press conference in Doha and said the organization was informed.

Qatar's energy minister said the decision to withdraw had not been not easy after 57 years of Opec membership, but noted that the country's impact on the cartel's production decisions was small.

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The decision to quit the bloc of 15 oil-producing countries that account for nearly half of the world's oil production was confirmed by Qatar Petroleum, the country's state oil company.

One Opec source told Reuters the decision was more symbolic than anything else.

Mr Al Kaabi said Qatar's decision to withdraw from Opec is not related to the boycott, referring to actions by Saudi Arabia, Bahrain and the UAE to cut relations with Qatar, accusing it of seeking closer ties with Iran and supporting extremism in the region, which has been in place since past year. Basically, Qataris have brought the biggest weapon out and it only means more instability between the Qatari and Saudi relationship. "This has jolted the price of oil higher especially the fact that Canada's largest oil-producing province is curbing the output".

Doha said it wants to increase LNG production from 77 to 110 million tonnes annually.

The organisation is dominated by oil-rich Saudi Arabia, which since June 2017 has led a bloc of countries in imposing a blockade on Qatar.


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