Qatar is in the process of being overtaken by Australia and the US as the world’s top LNG supplier. Given weak global demand, these extra supplies will keep prices under pressure. Contract flexibility and partnerships with long-term customers will be Qatar’s key weapons in its attempts to adapt to this new world LNG order.

As of end-2015 Qatar was the world’s largest LNG producer with 77mn tons/year of liquefaction capacity. But it will be overtaken by Australia during...