Mubasher: Qatar is planning to leave the Organization of the Petroleum Exporting Countries (OPEC) after more than 57 years, minister of state for energy affairs Saad Sherida Al-Kaabi said.

Set to come into force in January 2019, the decision is “technical” and the GCC country is looking to focus on natural gas production, Al Kaabi pointed out.

He noted in a press conference that the country will not be bound by OPEC’s agreements after leaving the producer group.

Qatar is considered the 11th-biggest oil producer in OPEC, as it pumped around 610,000 barrels per day (bpd) in October.

Moreover, the country may increase output after leaving the group, undermining efforts to support prices, Al Kaabi added.

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, Bloomberg reported.

Since 5 June 2017, Qatar has been facing outflows of foreign customers' deposits after four Arab countries led by Saudi Arabia cut their diplomatic and trade ties with the gas-rich state, accusing Qatar of financing terrorism. Doha forcefully denies the charges.