AUSTRALIA: THE 3-RD LARGEST LNG EXPORTER
Country Analysis Brief Overview
- Australia, rich in hydrocarbons and uranium, was the world's second-largest coal exporter in 2012 and the third-largest liquefied natural gas (LNG) exporter in 2013.
- Australia's dependence on oil imports has increased to fill the growing gap between domestic consumption and production.
- Australia's overall oil production has declined since 2000, although additions through condensate production and smaller crude oil developments are expected to offset declines in mature fields over the next few years.
- Australian natural gas production has increased sharply over the past decade as a result of new projects.
- Australia has become a leading LNG exporter in the Asia-Pacific region in the past decade. Greater expected natural gas production and new LNG capacity in the next few years is likely to boost natural gas exports even more.
- Australia is the world's second-largest exporter on a weight-basis, and coal ranks as the second-largest export commodity for Australia in terms of revenues. It holds the fourth-largest reserves.
- Although about 87% of Australia's electric generation in 2013 was from fossil fuels, chiefly coal, there is a push for cleaner and more renewable power.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
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