Europe replaced Asia last year as the largest buyer of US LNG

Imports of liquefied natural gas to Europe surged last year, as gas delivered by tanker became the main replacement for supplies delivered through pipelines from Russia. To secure sufficient LNG supplies, Europe had to compete with other regions on price, making it the largest buyer of US liquefied gas last year after importers in Asia held that position in previous years.

US exports of liquefied natural gas (LNG) rose by just under a tenth last year to an average of 10.6 billion cubic feet per day, equivalent to approximately 110 billion cubic metres a year. According to the US government agency, the U.S. Energy Information Administration (EIA), the increase in gas exports was driven by both strong demand from Europe and a further increase in export capacity, despite the prolonged shutdown of the Freeport terminal, which was out of operation for more than half of last year because of a fire.