Mideast gas growth signals condensate boost
UAE and Saudi Arabia seen lifting condensate output amid deep OPEC+ oil quota cuts and questions over capacity expansion
Saudi Arabia and the UAE—respectively the first- and fourth-biggest producers in OPEC—are developing gas fields that will lift their output of condensate, a light byproduct of the projects that is not subject to OPEC+ restrictions. The two countries are implementing deep production cuts as part of two complex OPEC+ oil agreements, with the first extended to the end of September and then phased out gradually until September 2025. Another cumulative cut will be extended until the end of 2025. Saudi Arabia, the UAE and six other countries are also undertaking additional voluntary cuts, with the first set extended until December and another prolonged until September before being gradually phased
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