US becomes top LNG exporter in the world

According to the US Energy Information Administration (EIA), US LNG exports rose by 12% in the first half of 2022 compared with the second half of 2021, and averaged 11.2 billion cubic feet per day (Bcf/d) between January and June 2022 based on the data from CEDIGAZ.

High demand in Europe, high natural gas prices, and increased export capacity made the United States the world’s largest exporter of liquefied natural gas (LNG) in the first half of 2022. 

Spot LNG prices in Europe and Asia have held much higher than historical norms since the last quarter of 2021, and reached record highs earlier this year after the Russian invasion of Ukraine. Europe is importing growing volumes of American LNG as it looks to replace as much Russian pipeline supply as possible. Moreover, US LNG export capacity has expanded by 1.9 Bcf/d nominal (2.1 Bcf/d peak) since November 2021, according to EIA’s estimates.