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 move threatens to add to a projected glut of liquefied natural gas, or LNG, as a wave of new projects come online in the coming years, including from the United States.
The Qatari state energy company said it will double the size of a planned project in the North Field, the massive natural gas reserve in the Persian Gulf that has underwritten the country's rapid rise to wealth. That will allow the country to hike its total output of LNG from 77 million tons a year to 100 million tons annually some time between 2022 and 2024, according to the company.
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.
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.
Projected U.S. natural gas exports