Production to outstrip demand

摘要

Condensate markets are likely to become better supplied in Asia-Pacifc this year as new production starts up, but demand remains relatively steady. Iran and Australia will be the largest sources of new condensate east of Suez. Their combined output will rise by more than 100,000 b/d this year, the IEA projects (see graph). But no new condensate splitters are scheduled to start up until the end of this year or in early 2019. The rise in supply is likely to add some pressure to prices, although this could be mitigated by the high quality of some of the new grades, which may attract refiners.