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World’s Top LNG Exporter Qatar: Gas Prices Have Hit Unhealthy Level

Natural gas prices have reached unhealthy levels for both producers and consumers, Saad al-Kaabi, Qatar’s Energy Minister and CEO of Qatar Petroleum, the world’s top LNG exporter, said on Thursday, a day after spot liquefied natural gas prices in Asia hit a new record high.

“While natural gas prices are an outcome of basic market fundamentals including supply and demand, the current price levels observed in global markets are unhealthy for both producers and consumers,” al-Kaabi said, as carried by Bloomberg, after a virtual dialogue with European Energy Commissioner Kadri Simson today.  

Last month, al-Kaabi said on the sidelines of the Gastech industry conference in Dubai that the surging gas prices were partly the result of underinvestment in the industry, also driven by the attempts at fast energy transition.

“There’s a euphoria around the energy transition that’s forcing companies not to invest,” al-Kaabi said. 

“There is a huge demand from all our customers, and unfortunately we cannot cater for everybody. Unfortunately, in my view, this is due to the market not investing enough in the industry,” al-Kaabi said at the event in September, as carried by Reuters

Back then, when spot LNG prices in Asia were “only” $20 per million British thermal units (mmBtu)—a record for September ahead of the winter heating season—the Qatari energy minister said he hoped the high prices wouldn’t last because they would not be good for consumers.

“We don’t want these high prices, we don’t think it is good for the consumers. We don’t want $2 and we don’t want $20, we want to have a reasonable price that is sustainable,” al-Kaabi told Reuters at the end of September.

This week, the worsening global energy crisis sent Asia’s spot LNG prices soaring by 40 percent on Wednesday, as a cargo for delivery into North Asia in November was priced at as much as $56/mmBtu—a record high that beat the previous record from last week of $34.52/mmBtu.  


By Tsvetana Paraskova for Oilprice.com

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  • Kay Uwe Boehm on October 08 2021 said:
    What exactly is new about catalysts from new Nobel laureates in chemistry? Catalysts are constantly being searched for and found rather standard work.

    I did not study chemistry even though I submitted that to advanced course teacher because 15 at high school with 9.

    More important a new process cheaper and better than the old Kroll process for titanium production by reducing TiO2 with H2 + heat + CaH as a catalyst was also known that TiH2 then completely decomposes above 1000 ° C but who alloyed before I said not already made a Nobel Prize?

    I suspected and asked first whether reduction with H2 instead of Cl2 works?

    RBN is a new material for the first time. Cubic boron nitride or white diamond can also be made for bulletproof vests or melting crucibles, but almost only with isotopes B-11 such as C-12 and B-15 with only about 1/100 neutron absorption of already little at C- 12 super material for reactors a pebble pile HTR is no matter what it is safe and approx. 30 years of ball life with ThO2.

    Best moderator in physics ND3 with isotope N-15 also good lithium-7 etc.

    The best synthetic fuel is already Sabatier CNG double tight at 700+ bar from electrolysis H2 + CO2 with gas centrifuge from air because heavier O2, N2 & Ar also for greenhouse fertilization.

    In one day found Mg for battery if you add NH3 as a lighter and cheaper electrolyte with little pressure than no CO2-free electricity surplus.

    With only + 2ppm / year CO2 not until 2070 after fossil production maximum + 100ppm + 0.5 ° C minus cooling due to sulfur is no danger ?!

    Shoot Hg in water for impact fusion and spallation Hg-197 Epsilon decay Gold?!

    Water is more rich than gold where too little or too salty so nowhere there is always enough in air by evaporation of sea water by the sun simply with a large centrifugal compressor unnecessarily newly found from air condensed by boiling point or pressure increase and cooling with CO2 for turbine then air relaxed via compressor part drive cold for air conditioning to green excess flow of hot air with turbine efficiency almost 100% by FK compressor CO2 return cooling of the entire turbine circuit so th. isolable nothing lost!

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