Australia is poised to overtake Qatar to become the world's biggest exporter of LNG by 2019,driven by additional exports from three new liquefaction projects that are set to come online over the nexttwo years. In contrast to booming exports, however, the domestic market continues to remain at risk of agas shortfall, with substantial export obligations, onshore drilling bans at the local level and naturaldeclines at aging assets curtailing gas supplies available to the domestic consumers. This has led Australiato consider various measures, including curbing LNG exports and importing LNG.
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Australia will remain dependent on crude oil and refined fuels imports over the next decade, as decliningoil production and insufficient available refining capacity fail to keep pace with rising, albeit at amoderate pace, consumption.