Australia overtook Qatar as the world's largest exporter of LNG for the first time in November, data from Refinitiv Eikon showed on Dec. 10.
After oil market dropped 30% from October, the market jumped 5% with OPEC’s decision to cut oil production by 1.2 million barrels per day.
Two-day marathon meeting leads to more bullish than expected oil output cuts by OPEC and its allies.
OPEC talks on oil production cuts reached deadlock on Dec. 7 as the group's leader Saudi Arabia refused to grant sanctions-hit Iran exemptions from planned reductions, OPEC sources said.
OPEC tentatively agreed an oil-output cut on Dec. 6 but was waiting to hear from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said.
U.S. Energy Secretary Rick Perry said on Dec. 4 he would soon visit Qatar and Saudi Arabia, a trip expected to occur after this week’s meeting of OPEC.
Saad al-Kaabi, Qatar’s oil minister, the country was seeking to increase LNG production from 77 mtpa to 110 mtpa.
Qatar said Dec. 3 it was quitting OPEC in January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity.
Country also seeks to expand its petrochemical business.
President Donald Trump praised Saudi Arabia for helping to lower oil prices on Nov. 21 as pressure intensified to impose tougher sanctions on the Middle East ally following the murder of dissident Saudi journalist Jamal Khashoggi.