The United States will remain the world’s largest LNG exporter in 2024 ahead of Qatar and Australia as America’s liquefied natural gas shipments are set to increase to a new record high from the previous all-time high of 2023.
The United States is on track to export a total of 86.9 million metric tons of LNG this year, per ship-tracking data from Kpler cited by Reuters columnist Gavin Maguire.
These volumes would be 0.8% higher than the exports from 2023, according to the data.
The U.S. is thus set to keep the number-one spot on the list of the world’s largest LNG exporters.
Last year, the U.S. shipped more LNG than any other country. American LNG exports averaged 11.9 billion cubic feet per day (Bcf/d) last year, up by 12% compared with 2022, data from the EIA show.
Exports this year will grow, but at a much slower pace than in 2023, per Kpler’s estimates.
The U.S. Energy Information Administration (EIA) expects America’s LNG to average nearly 12 Bcf/d in 2024, essentially flat compared with last year, according to the latest Short-Term Energy Outlook (STEO).
However, next year U.S. LNG exports are expected to jump by 15%, reaching almost 14 Bcf/d, thanks to higher export capacity with the
Plaquemines LNG and Corpus Christi LNG Stage 3 plants, the EIA said in the STEO for December last week.
Plaquemines LNG has just reached first LNG production, said Venture Global, the developer of the plant in Port Sulphur, Louisiana. The commissioning period is expected to last around 18 months.
This year hasn’t seen a major increase in average annual LNG exports, while lower regional LNG prices have eaten into the earnings of the biggest U.S. exporters.
In 2024, LNG front-month futures prices have remained consistently lower than in 2022 and 2023, the EIA said last month.
By Tsvetana Paraskova for Oilprice.com
