Qatar is on the brink of losing first place in the export of liquefied natural gas to another country

Australia is ready to take Qatar out of the world's leading liquefied natural gas (LNG) exports in the coming year, thanks to increased exploration by Australian companies.

According to a recent report from the Australian Department of Industry, the US Energy Information Administration (EIA) said that its country was ahead of Qatar in terms of LNG export capacity and ranked first. sector rank in November 2018 and April 2019.

The EIA said it hoped Australia would gradually export more LNG from Qatar in the coming year as its new projects are recently operational and fully operational.

"Australia and Qatar have continued to vie for the title of the world's largest LNG exporter in the first five months of 2019," said the Australian Department of Industry in its report.

The report predicted that the volume of Australian exports would increase to 10.8 billion cubic feet per day as the Wheatstone, Ichthys and Prelude projects increase LNG production. Australia's overall export capacity currently stands at 11.4 billion cubic feet per day, a performance superior to that of Qatar.

Prelude, an LNG facility capable of holding 175 Olympia LNG pools in its own storage tanks, owned by Royal Dutch Shell in northeastern Broome, Western Australia, shipped the first batch of natural gas. Liquefied to Asian customers in June.

According to the US Energy Information Administration, Australia has already overtaken Qatar in terms of LNG production capacity, which puts increased pressure on prices.

The increase in capacity and new exports, coupled with the fragile demand of major customers in Japan, China and South Korea, have resulted in a sharp drop in LNG prices since the end of 2018.

Source: EIA + CNBC

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