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The government of Qatar has announced plans to expand its production of %LiquefiedNaturalGas (%LNG) by as much as 85% as it seeks to control nearly a quarter of the global market by 2030.

Specifically, Qatar, which is already one of the world's leading LNG exporters, plans an 85% expansion in output at its North Field's LNG facility, raising production from 77 million metric tons per year (mtpa) currently to 142 mtpa by 2030.

Some market observers said that the move by Qatar will negatively impact LNG prices and projects planned in the U.S. and Africa that require long-term customer commitments to secure financing.

Qatar has an advantage as the world's lowest cost LNG producer, note analysts.

The move by Qatar to dramatically increase its LNG production comes after the U.S. government, under President Joe Biden, paused U.S. LNG export approvals.

At the same time, Russian LNG exports are currently under global sanctions and civil unrest hampers output in several African nations.

Qatar has emerged as the top LNG producer and price setter after Russia saw its LNG exports curtailed by global sanctions following its invasion of Ukraine.

The U.S. government’s decision to pause approvals for applications of new LNG export terminals due to environmental reviews has led to warnings that the move will compromise energy security and give Qatar an opening to seize greater control of the global market.

For its part, the government of Qatar says that its expansion will lead to lower prices and encourage greater use of LNG worldwide, particularly in Asia.

The world's top energy companies, including %ExxonMobil (NYSE: XOM) and %Shell (NYSE: SHEL), hold stakes in Qatar's LNG industry.