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Analysis of the Global Market for Condensates and Reformates

Analysis of the Global Market for Condensates and Reformates

The condensates market is supply driven and depends on natural gas and oil production. Before the recent plummeting of oil prices, natural gas production was expected to increase at a compound annual growth rate (CAGR) of 􂀀% from 2013 to 2020—faster than crude oil growth (at 􂀀%)—due to factors such as increased shale plays, which further enhanced the supply of condensates. the supply of condensates.

The Middle East, North America, and Russia have the highest production of condensates globally, although exact estimates differ by source. The lack of a conclusive definition of what constitutes “condensates” has resulted in a variety of country estimates.

Condensate demand is largely located in Asia due to the need for naphtha. Countries such as Japan, Singapore, and South Korea rely entirely on condensate imports, while other countries, such as China, Indonesia, Malaysia, and Thailand, require imported condensates to supplement local production to meet demand.

Condensate prices are linked to the price of oil, and trade below it. However, the exact price varies by region, the American Petroleum Institute (API) gravity, and whether the condensates are used domestically or exported.

The recent slump in oil prices to under $􂀀 a barrel has prompted major condensate-producing countries, such as Qatar and Saudi Arabia, to increase domestic use and to process condensates into more value-added oil products, such as naphtha, than simply exporting large volumes of condensates. This, however, is expected to reduce the price of naphtha in 2015.

About this report

This study provides an overview of the global condensates and reformates markets. It identifies the key regions involved along with estimated capacities, indicates pertinent factors influencing market demand versus supply, and provides an analysis of the expected impact of plummeting oil prices on both markets over the short term (1 to 3 years). A historical overview of crude oil prices is also provided to further the reader's understanding of the influence of these prices on the condensates and reformates markets.

  • Executive Summary
    • Key Findings-Global Condensates Market
    • Key Findings-Global Reformates Market
  • Market Overview
    • Market Scope
    • Global Energy Production
    • Introduction
    • Top 10 Oil and Gas Companies
      • Table Top 10 Oil and Gas Companies, Global, 2013
    • Market Definitions
  • Overview of Condensates in the Global Market
    • Defining Condensates
    • Processing Condensates
    • Global Condensate Production
  • Condensates-Demand and Supply Factors
    • Demand and Supply Factors
  • Overview of Reformates in the Global Market
    • Commercial Catalytic Reforming Processes
    • Reforming Variables
    • Regional Refining Capacity
      • Table Reformates Market: Regional Refining Capacity, Global, 2014
  • Reformates-Demand and Supply Factors
    • Demand and Supply Factors
  • The Impact of Declining Oil Prices on the Condensates and Reformates Markets
    • The Reasons for Declining Oil Prices
    • Repeating History
    • The Impact of Declining Oil Prices on Condensates
    • The Impact of Declining Oil Prices on Reformates
  • Conclusions
    • A Changing Landscape
    • Abbreviations and Acronyms

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