Australia is in pole position to capture a bigger piece of the growing Asian condensate market, with producers pumping new supplies of the ultra-light oil as natural gas output soars to feed the nation's mega LNG projects.
Iran's condensate exports in July are expected to fall to the lowest in five months as major buyer South Korea scales back purchases of the ultra-light oil, trade sources said.
Robust demand for condensate,
Qatar will reduce its condensate exports by a third in January 2017 when a new splitter at its Ras Laffan refinery starts operating, a Qatar Gas official told Reuters.
"Qatar is exporting around 30 cargoes
Qatar will double its capacity for processing condensate by almost 150,000 barrels a day (bpd) in August when trials begin on a new splitter at the Ras Laffan refinery with commercial production starting by October, a Qatar Petroleum official
Iran's sales of crude oil and gas condensate will reach 2 million barrels a day in the coming days, President Hassan Rouhani was quoted as saying, as Tehran boosts output after sanctions were lifted in January.
South Korea plans to boost imports of Iranian oil, especially condensate, this year to meet growing demand after sanctions on the Islamic nation were lifted in January.
The world's fifth largest importer of
Iran's condensate surplus available for exports is expected to hit a maximum of 600,000 barrels per day (bpd) in 2017, nearly double the current level, an official at a subsidiary of state-owned National Iranian Oil Company (NIOC) said.
Iran's condensate exports in September hit the highest monthly total so far this year, after its top client China resumed buying of the ultra-light crude for the first time in six months, two sources familiar with the matter said.
Qatar's Tasweeq has sold condensate cargoes to load in the last three months of this year at the lowest differential since the first quarter on weak demand in Asia, traders said.
Two major condensate splitt
The global oil market should be more balanced next year as China and the developing world increase oil consumption while supply of shale oil from North America and other regions grows more slowly, Opec said on Monday.
In its month