OPEC joins other industry groups in forecasting a new growth market for LNG: bunker fuel, a market long dominated by crude-derived fuel oil. Qatar sees an opportunity to corner the burgeoning market, just as new sources of LNG test the Gulf gas giant’s dominance.
Heavy fuel oil is the bunker fuel of choice for the global marine shipping industry; however, OPEC notes in its latest bulletin that LNG will increasingly be deployed as a bunker fuel in an effort to reduce shipping carbon emissions by 20% by the end of the decade. Qatar will lead the way, says the influential group of oil exporting countries. (CONTINUED - 1009 WORDS)