EU seeks to 'escape Russia' on gas, US quickly dominates global LNG market

On January 2, Bloomberg reported that the US has surpassed Australia and Qatar to become the world's largest exporter of liquefied natural gas (LNG) in 2023.

The US is the world's largest LNG exporter. (Source: Reuters)

Accordingly, the US will export 91.2 million tons of LNG in 2023. Export activities have improved after the leading export facility, Freeport LNG, resumed operations after an 8-month shutdown due to a fire in June 2022.

At the same time, European Union (EU) countries are looking to reduce their dependence on gas and condensate from Russia.

Australia is the second-largest LNG exporter. Qatar, the top LNG exporter in 2022, will fall to third place in 2023, with its global supply falling by 1.9%.

In 2024, two new LNG projects in the US will begin operations: Venture Global LNG’s Plaquemines, Louisiana facility and the Gloden Pass hub in Texas, a joint venture between Exxon Mobil and QatarEnergy.

When operating at full capacity, these two projects will add 38 million m3 tons of LNG per year to the US.

According to the U.S. Energy Information Administration, the country’s seven existing LNG terminals can produce up to 323 million cubic meters of LNG per day—enough to meet the combined gas needs of Germany and France. Five more projects would add 275 million cubic meters of LNG per day. Dozens of other LNG projects have been proposed, most of them along the Texas-Louisiana border.

LNG industry players say the sector’s boom is generating hundreds of billions of dollars in investment, boosting the energy security of Washington’s allies in Europe and Asia, and creating tens of thousands of jobs in areas where many people live below the poverty line.

Source: https://baoquocte.vn/eu-tim-cach-thoat-nga-ve-khi-dot-my-nhanh-chan-chiem-linh-thi-truong-lng-toan-cau-256055.html