The United States is on track to become the largest exporter of liquefied natural gas (LNG) in 2022, ahead of Qatar and Australia, writes Reuters.
In a year in which major economies in Europe and Asia are facing shortages of gas for heating and electricity production, the United States is enjoying a generous supply that will grow in the coming years.
World demand for LNG has reached record levels every year since 2015, largely due to growing demand in China and the rest of Asia. Much of the appetite has been met by growing US exports, which have also set records since 2016.
The US Energy Information Administration estimates that exports will reach 11.5 billion cubic feet per day in 2022, or 22 percent of expected global demand, according to Goldman Sachs analysts. If the forecast turns out to be correct, the United States will overtake Australia and Qatar, which are the largest exporters today.
One billion cubic feet of gas is enough for about 5 million households a day.
The United States is expected to remain the largest exporter until 2025, when Qatar will regain its top position with the expansion of North Field. But if new plants are built in the United States, the country may remain in first place. The big players in the sector have signed a number of long-term contracts for the sale of liquefied natural gas, which will allow them to secure the necessary funding for expansion. Many of these agreements have been signed with Chinese buyers.
In 2021, most US exports went to Asia. 13 percent were for South Korea, 13 percent for China and 10 percent for Japan.
Gas prices reached a record in 2021.
The oil and gas industry cites natural gas as a cleaner fossil fuel than coal and oil.
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