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Faced with US exports, Qatar will soon find itself with a lesser role in the condensate market.
The shale oil and gas ‘revolution’ in North America has altered global energy flows, and new LNG supplies from Australia and North America threaten Qatar’s dominance in its key Asian LNG markets.
But, condensate, another of Qatar’s key energy exports, will also come under pressure due to the ongoing North American shale gas and tight oil revolution. A boom in condensate production, coupled with a frustratingly ambiguous rule-change in the United States that has already enabled some exports of “lightly processed” condensate, will likely result in new supply competition and change the pricing mechanisms in Qatar’s targeted condensate markets.
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