New data from BP have provided a summary of the state of the global liquefied natural gas (LNG) market in 2016. The market remained oversupplied, but the extent of oversupply increased, QNB said in its latest report.
QNB said global LNG supply rose by 6.5 per cent compared to virtually zero growth over 2011-2015. Demand growth increased by 4.2 per cent, its fastest rate in the past five years.
Amidst these market shifts, Qatar maintained its position as the world's largest and most cost-efficient producer, accounting for 30.1 per cent of global supply and capturing part of the new demand growth.
The commitment to boosting long-term production will solidify its position as the global LNG leader, QNB said.
There were four major market developments in 2016. First, supply growth was led by a surge in Australian exports.
