Qatar is heading towards losing its position as the world’s first LNG exporter, while Australia will be ranked first thanks to major energy projects, according to recent reports.
Qatar will retreat from the forefront in months, while Australia is currently carrying out huge project costing billions of dollars in order to increase exports of liquefied natural gas.
According to the US Energy Information Administration, the removal of Qatar from the forefront of gas exporters is a temporary issue, due to major Australian projects, such as “Wet Stone” and “Prelude”.
Thanks to the new facilities, Australia’s LNG exports jumped from 2.6 billion cubic feet per day in 2011 to more than 11.4 billion cubic feet in 2019.
The administration makes clear that Australia can only become the largest in terms of exports, but in terms of production, it has been ranked first in the world for some time.
As a result of the increase in LNG facilities in Australia, prices in Australia fell after decrease in demand from major buyers such as China, Japan and South Korea. This drop in demand for LNG has led to lower its prices since late 2019.