Qatar has long been a heavyweight in LNG production, but its ambitions now extend well beyond supplying cargoes from its own shores. With new deals in place to purchase U.S.-sourced LNG, a growing shipping fleet and access to European import terminals, state-owned QatarEnergy is assembling the pieces to become the world’s largest LNG trader. That could shake up a market where established portfolio players and independent traders already face mounting competition. In today’s RBN blog, we’ll look at Qatar’s evolving strategy, why U.S. LNG figures so prominently in its plans, and what its expanding role could mean for the global battle for market share.
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QatarEnergy announced October 22 that it had reached sales and purchase agreements (SPAs) with a pair of Cheniere Energy subsidiaries (Sabine Pass Liquefaction and Corpus Christi Liquefaction) for a total of 4 million tons per annum (MMtpa; 0.5 Bcf/d) of LNG, sold FOB (free-on-board), from the early 2030s to 2054. The company followed that up October 29 with a 3-MMtpa (0.4 Bcf/d) deal with Woodside Energy from the latter’s Louisiana LNG project (currently under construction), which will supply LNG on FOB terms for 20 years starting in 2030. The volumes will supplement QatarEnergy’s 12.4 MMtpa (1.6 Bcf/d) of FOB LNG supply from Golden Pass LNG, a project in which it holds a 70% stake. The agreements make QatarEnergy the largest purchaser of U.S. LNG, and the trade press reports that further deals are under discussion with other U.S. Gulf producers. The deals mark a major development in Qatar’s LNG marketing strategy and support the emirate’s stated ambitions to become the world’s largest LNG trader.
Historically, Qatar (green bar in Figure 1 below) has vied with Australia (blue bar) and, more recently, the U.S. (red bar) to be the world’s largest LNG producer (see We Three Kings), surrendering its crown to the U.S. in 2023. The emirate has 77 MMtpa (10.2 Bcf/d) of design LNG capacity and plans to expand it to 142 MMtpa (18.8 Bcf/d) by the end of the decade via expansions of the North Field, situated offshore Qatar, and construction of additional trains at Ras Laffan Industrial City, although project delays have increased uncertainty around the 2030 target. (North Field East has been delayed and North Field West has not reached FID). This, plus the volumes purchased in the U.S., will likely amount to about 161.4 MMtpa (21.4 Bcf/d), or roughly 22% to 25% of the projected global market by 2032.
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About the song
“Enter Sandman” was written by Kirk Hammett, James Hetfield and Lars Ulrich and appears as the first song on side one of Metallica’s fifth studio album, Metallica (The Black Album). The lyrics are a conceptional view of nightmares as seen through the eyes of a child. Released as a single in July 1991, it went to #16 on the Billboard Hot 100 Singles chart and has been certified Platinum by the Recording Industry Association of America (RIAA). It was former New York Yankees relief pitcher Mariano Rivera’s entrance music and has been used as stadium music for major sports events for many years. Personnel on the record were: James Hetfield (vocals, guitar), Kirk Hammett (lead guitar), Lars Ulrich (drums) and Jason Newsted (bass).
Metallica (The Black Album) was recorded between October 1990 and June 1991 at One on One in Los Angeles and produced by Bob Rock, James Hetfield and Lars Ulrich. Elektra Records brought Bob Rock to produce and lead Metallica from their thrash/speed metal roots to a more commercial, polished sound. Initially, Rock and the band were often at odds with each other, leading to Elektra allowing Hetfield and Ulrich to produce the album along with Rock. Released in August 1991, the album went to #1 on the Billboard 200 Albums chart and has been certified 20X Platinum by the RIAA. Metallica, Rock, and Elektra had found the formula for success for the band. Five charting singles were released from the LP.
Metallica is an American heavy metal band formed in Los Angeles in 1981 by James Hetfield and Lars Ulrich, but based out of San Francisco since 1983. They have released 11 studio albums, eight live albums, one soundtrack album, four EPs, and 50 singles. They have sold more than 150 million records worldwide. Metallica has won two American Music Awards, five Billboard Music Awards, 10 Grammy Awards, three MTV Video Music Awards and one Polar Music Prize, and were inducted into the Rock and Roll Hall of Fame in 2009. Eight members have passed through the band since its formation. Since 2003, the lineup has been Hetfield, Ulrich, Hammett and bassist Robert Trujillo. They released their last LP, 72 Seasons, in April 2023. Kirk Hammett said in a March 2025 interview that he couldn’t foresee a new Metallica album until the band’s M72 World Tour ends in Salt Lake City in June 2027. They are currently appearing in a residency at The Sphere in Las Vegas until March 2027.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
