Energy Minister Saad al-Kaabi said Qatar would withdraw from Opec, which it joined in 1961, in January.
"We don't have great potential (in oil), we are very realistic, ' said Kaabi, who described himself as 'Mr Gas" during the conference. "Our potential is gas", al-Kaabi said.
The surprising move by Qatar may spur country's like Nigeria, ninth largest exporter, to value their gas more and define a set of finance terms aimed at getting extra value from the natural resource.
He argued that as a nation producing 600,000 barrels of oil per day, Qatar was among the smallest players in the Organisation of the Petroleum Exporting Countries.
Opec members are widely expected to cut production, after seeing oil price tumble this autumn. They imposed a trade and travel embargo on Qatar over allegations that it supports terrorism.
He said geopolitics was not factor in the decision.
President Donald Trump repeatedly has criticized both OPEC and American ally Saudi Arabia over rising oil prices in recent weeks, demanding a production hike to drive down US gasoline prices.
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But Doha is an influential player in the global LNG market with annual production of 77 million tonnes per year, based on its huge reserves of the fuel in the Gulf.
Benchmark Brent crude for instance reached over $85 a barrel in early October, only to drop sharply in the time since. Doha denies the charges and says the boycott aims to impinge on its sovereignty.
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.
"A lot of people will politicize it", Al-Kaabi said. "It's a strategy decision".
"I assure you this purely was a decision on what's right for Qatar long-term".
U.S. oil and Brent crude have tumbled nearly 30% since October amid fears of a renewed supply glut as the global economy suffers amid the trade war between the United States and China.
The decision is reportedly connected to Qatar's plans to concentrate on developing its natural gas sector. In the year to September 2018, the USA only imported an average of 543,000 barrels per day of crude oil and other petroleum products.