The study by Woodmac, an international research institute, states that Qatar and the United States will continue to compete in the liquefied natural gas market in the coming years. Woodmac is a data aggregator in the energy and mining sector. The United States and Qatar now hold 40 percent of the global liquefied natural gas market.
It is estimated that the market share of these countries will increase to 60 percent by 2040. But at the LNG conference held in Vancouver, Qatar’s Minister of State for Energy announced that by 2029, 40 percent of the market will belong to Qatar.
Qatar’s production will increase significantly once it starts receiving fuel from the North Field Project. It is estimated that the global demand is 100 metric tons per year more than the current production.
Despite the huge demand from Europe following the Ukraine war, Asia will be the stable market for LNG. Experts at Woodmac also speculate that Canada will be the dark horses in the market, challenging Qatar and the United States in the coming years.
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2023-07-24 18:00:29
