Qatar Shifts Export Strategy as U.S. Light Oil Competes
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Qatar plans to cut exports of condensate and process more of the light oil into naphtha and other higher-value products that it can market in Asia, where the boom in U.S. shale output is adding competition for sales.
Qatar’s Ras Laffan refinery will double its capacity for processing condensate by 150,000 barrels a day by the end of 2016, officials at state-run oil-marketer Tasweeq said at a conference in the capital Doha this week. The plant also targets a 42 percent boost in naphtha output, they said. The U.S. is exporting similar products to Asia and vying with Middle Eastern suppliers for sales, said Jeff Brown, president of Singapore-based consultant FACTS Global Energy.