Middle East

Qatar crude oil and condensate exports surged 11% in June-Doha News

In 2021, China imported about 9 million tonnes of LNG from Qatar. This represents 11% of the country’s total LNG imports.

Qatar’s crude oil and condensate exports surged 11%, reaching about 970,000 barrels per day (bpd) in June, from about 876,000 barrels recorded in May.

This is especially because the increase in shipments to Japan offsets the decrease in shipment flow to China and India. CNBC Arabia report.

Qatar’s crude oil exports surged 16% last month to account for about 711,000 bpd, while condensate exports recorded a decline of about 2%, reaching levels of 259,000 bpd.

Qatar’s exports to Japan reached a record high of 51% per month, reaching 300,000 barrels / day in June. Meanwhile, inflows to China fell to the lowest level since November 2020, followed by exports to India to the lowest level in nine months.

Qatar sells crude oil

Middle East crude oil spot premium surged in July as a global supply The remaining “Severe” due to western sanctions imposed on Russia, one of the world’s largest oil producers.

Price premium is the percentage of the product’s selling price above the benchmark price, and spot premium is the additional value charged above the market price (spot price).

The state-owned QatarEnergy oil company sold two cargoes of Al Shaheen crude oil at the highest premium in four months. Reuters Reported last week.

QatarEnergy has set its September price at a premium of $ 9.82 a barrel after the bid was placed, three trade sources said. It rose from $ 9.24 in June.

Al-Shaheen’s cargo was purchased at a premium of $ 9.88 and $ 9.08 per barrel in Dubai, according to Reuters. ExxonMobil and Tossa are likely to have purchased cargo to be loaded between September 1-2 and 28-29, sources added.

The QatarEnergy company also sold the September-loaded Qatar offshore crude oil to a Japanese refiner at a premium price of $ 9 a barrel to the Dubai market.

Qatar’s LNG supply during the energy crisis

Qatar’s gross domestic product (GDP) is estimated to increase to 4.9% this year due to a 10% increase in hydrocarbon exports and billions of planned Northfield expansion projects.

This is the largest project of its kind, with the latest reports aiming to increase Qatar’s annual production capacity of liquefied natural gas from 77 million tonnes to 126 million tonnes by 2027. World Bank (WB) Global Economic Outlook report.

The report referred to the unexpected economic consequences unraveled by the conflict between Russia and Ukraine, which have a particularly “positive” impact on Qatar’s economy.

“For the Qatar economy, the world’s largest exporter of liquefied natural gas, the impact of the Ukrainian War on commodity markets and related economic sanctions has been balanced and positive.” WB report Said.

EU countries are keen to secure energy cooperation with oil-rich Gulf countries as they are moving towards ending Russia’s dependence on gas and strengthening its economic response to Ukraine’s aggression.

Europe receives 40% of its gas supply from Moscow and almost one-third of its shipments pass through Ukraine.

Qatar’s methane control efforts

Despite its expansion, QatarEnergy joined a group of oil and gas companies in late June to reduce almost all of the methane footprint produced during operations by 2030. ..

The world’s largest producer of liquefied natural gas (LNG) has signed the Aiming for Zero Methane Emissions Initiative as the first company to join other than the 12 existing signatories.

Climate change efforts are usually focused on minimizing greenhouse gas emissions, but the focus is on methane foot because of its ability to trap more heat in a shorter period of time than carbon dioxide. We are rapidly shifting to printing.

Methane is more than 25 times more effective than carbon dioxide in trapping heat in the atmosphere. Over the last two centuries, atmospheric methane levels have more than doubled, primarily due to human-related activities.

Methane is responsible for about a quarter of all climate change already experienced worldwide.

Natural gas, which is composed primarily of methane, is a major, if not the largest, factor in Qatar’s economy and the prosperity of Qatar’s energy activities.

The International Energy Agency’s (IEA) methane tracking revealed that oil and gas businesses around the world produced over 70 million tonnes of methane in the atmosphere last year. Description This is “almost equal to the total energy-related carbon dioxide emissions from the entire European Union.”

https://dohanews.co/qatars-crude-oil-and-condensates-exports-jump-by-11-in-june/ Qatar crude oil and condensate exports surged 11% in June-Doha News

Back to top button