U.S. LNG Exports Steady Amid Global Shifts, Asia's Share Expands

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 28. The U.S. continues to lead the global LNG market, exporting 11.9 billion cubic feet per day (Bcf/d) in 2024, according to data from the U.S. Energy Information Administration (EIA), Trend reports.

This figure keeps the U.S. as the world's largest exporter of LNG, with exports from Australia and Qatar remaining stable at around 10.2 Bcf/d to 10.7 Bcf/d over the past five years.

U.S. LNG exports held steady compared to 2023 despite unplanned outages at export facilities, reduced natural gas consumption in Europe, and limited capacity additions. However, the export landscape shifted, with Asia's share increasing from 26% (3.1 Bcf/d) in 2023 to 33% (4.0 Bcf/d) in 2024. Meanwhile, Europe remained the largest destination, accounting for 53% of total exports (6.3 Bcf/d), though exports to the region decreased by 19% year-over-year.

The increase in U.S. LNG exports to Asia was particularly notable in countries such as Japan, South Korea, India, and China, which together accounted for 76% (3.0 Bcf/d) of the total exports to the region. India saw the most significant rise in imports, with an additional 0.2 Bcf/d in 2024.

While Europe's LNG import capacity grew by over 40% between 2021 and 2024, some European countries reduced their LNG imports due to mild winter weather and high storage levels. Notably, Germany's LNG imports remained steady, but it recently cut regasification capacity, citing operational costs.

In other regions, U.S. LNG exports also rose in Egypt, Brazil, and Colombia. Egypt, which had previously been an LNG exporter, began importing from the U.S. again for the first time since 2018 due to increased domestic consumption. Similarly, Brazil and Colombia imported more LNG to compensate for reduced hydropower generation during drought conditions.

In December 2024, the opening of the Plaquemines LNG Phase 1 facility marked the addition of the eighth LNG export terminal in the U.S. This development is expected to further strengthen the country's position as the global leader in LNG exports.

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