Qatar will further raise gas production despite a steep drop in global gas prices, pushing ahead with plans to extract more of the resource amidst fierce competition with rivals such as the United States.
QatarEnergy chief Saad al-Kaabi announced on Sunday a new expansion of its liquefied natural gas production that will add a further 16 million tonnes per annum (mtpa) to existing expansion plans, bringing total capacity to 142 mtpa.
The Qatari announcement comes as U.S. gas prices trade near an all-time low if adjusted to inflation after a decade of meteoric rises in output which made the U.S. one of the top oil and gas exporters.
The Qatari announcement comes as U.S. gas prices trade near an all-time low if adjusted to inflation after a decade of meteoric rises in output which made the U.S. one of the top oil and gas exporters.
Prices of gas in Europe also fell steeply despite a drop in Russian supplies after the U.S. and Qatar helped replace lost volumes.
Kaabi said gas markets in Asia would continue to grow and Europe would still need more gas for the foreseeable future.
No comments:
Post a Comment