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Qatar Petroleum on Wednesday announced plans to significantly raise natural gas production in the coming years, creating an obstacle to President Donald Trump’s goal of “energy dominance.”
The global market for LNG was 258 million tons last year, according to the International Gas Union. U.S. companies hope to capitalize on a boom in natural gas production at home to grab a piece of the growing LNG market. Last week, the Trump administration touted LNG exports as a pillar of its plan to dominate the global energy trade.
However, Qatar is already the world’s dominant LNG exporter, and the planned 30 percent hike over the next five to seven years could help it consolidate its grasp on the market.