Qatar will no longer be a member of the Organisation of the Petroleum Exporting Countries (OPEC) as of January 1 2019, as confirmed by the President of the OPEC conference Suhail Mohamed Al Mazrouei in Vienna on Thursday.

"They have the right to join and to withdraw and we wish the state of Qatar good luck. They have been a member in the OPEC for a very long time and we thank all of their contribution,” said Mazrouei, addressing OPEC member states during their fifth ministerial meeting in the Austrian capital.

The OPEC and non-OPEC ministerial meeting in Vienna is set to debate on new supply cuts, following a recent drop in oil prices and in light of Qatar's announcement that it is leaving the bloc after almost 60 years.

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