Qatar’s Minister of State for Energy, Saad Al-Kaabi, said on Monday that Qatar will withdraw from the Organization of Petroleum Exporting Countries (OPEC) as of January 2019. He said in a press conference that OPEC was informed with Doha’s decision to withdraw from the organization on Monday morning.

"The withdrawal decision reflects Qatar's desire to focus its efforts on plans to develop and increase its natural gas production," Al-Kaabi said in one of his tweets.

Qatar has been under a diplomatic and economic embargo by its Arab neighbors, including OPEC members Saudi Arabia and the United Arab Emirates, for the past 18 months. In response, Qatar has been increasing gas production, the mainstay of its economy.