U.S. LNG exports drive record global trade growth, GIIGNL says
GIIGNL said global LNG trade rose 5.4% to a record 56.3 Bcf/d last year as U.S. exports climbed 26% to 15.1 Bcf/d. Qatar-linked disruptions have slowed flows this year.
GIIGNL's July 14 annual report puts global LNG trade up 5.4% to a record 56.3 billion cubic feet per day last year, with U.S. export growth doing much of the work.
The International Group of Liquefied Natural Gas Importers has 91 members and serves as a forum to exchange information and experience on LNG purchasing, importing, processing, transportation, handling, regasification and uses. Its mission is to improve the safety, reliability, efficiency and sustainability of LNG import activity.
The U.S. Energy Information Administration puts U.S. LNG exports up 26% to 15.1 Bcf/d, giving the U.S. 26% of global LNG trade. Europe was the main destination for U.S. LNG exports in 2022, when shipments averaged 10.6 Bcf/d and exports to Europe jumped 141%, or 4.0 Bcf/d, from 2021.
The EIA’s earlier reading put global LNG trade at a record 51.7 Bcf/d in 2022, after rising 5% from 2021. That same year, U.S. LNG exports averaged 10.6 Bcf/d, up 9% from 2021.
This year's trade pace slowed after disruptions tied to Qatar, the world's second-largest LNG exporter. Qatar supplies about 20% of the world's LNG, and Red Sea-related shipping interruptions and later force majeure measures on some LNG contracts have affected flows. Reuters puts damage to QatarEnergy's LNG capacity at a possible three- to five-year supply hit, while U.S. exporters have been filling a Qatar-sized supply hole for now.
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