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Chart of the Day: The US Was the Largest LNG Producer/Exporter in the World in 2023
Summary
Figure (1) above shows the LNG exports of the top three countries in the world: The US, Qatar, and Australia. It shows the continuous growth in the US and how the US became the largest exporter in the world in 2023.
EOA’s Main Takeaway
The US became the world’s largest LNG exporter in 2023 as exports hit an all-time high at 87 mt, up from 75.5 mt in 2022 (Figure 3). The EOA predicted in its weekly reports that the US was expected to become the world’s top LNG exporter in 2023.
Since the start of 2023, US LNG exports were on an upward trend, thanks to the restart of the Freeport LNG facility in February after prolonged delays. Freeport LNG is the second largest facility in the US. It represents roughly one-sixth of total US LNG capacity. Meanwhile, exports continued to ramp up at the Calcasieu Pass facility with several cargoes loaded and sold in the spot market.
Meanwhile, Qatar’s and Australia’s LNG exports slightly dropped in 2023 from 2022 levels, but they remained at near nominal capacity.
The US is set to remain the top LNG exporter for some years, followed by its closest competitors, Qatar, and Australia. Doha, however, is expected to complete its massive North Gas Field expansion by 2027, which will allow it to reclaim the crown as the world’s leading LNG exporter.
About 21 mt of capacity are expected to be added in 2024, most of it in Africa and North America. For more, see: Global LNG Market in 2023 and Outlook for 2024
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