Global Natural Gas Exports Climbed 6% to 104.5 Million Tonnes

Global Exports of Liquefied Natural Gas Reach Record High

LNG Exports Reach 104.5 Million Tons in Q1 2023

Global exports of liquefied natural gas have reached a new record in the first quarter of 2023, reaching about 104.5 million tons, compared to about 98.5 million tons in the same quarter of 2022, with an annual growth rate of about 6.1%.

European Market Driving LNG Demand

According to the OAPEC LNG and Hydrogen Developments Report, this increase is due to the continued growth of demand in the European market, which has resorted to LNG supplies, to reduce its dependence on gas supplies via pipelines from Russia.

US Leads in LNG Export Volume

In terms of exporting countries, the United States of America surpassed the world’s countries in export volume during the first quarter of 2023, in as they exported about 21.5 million tons, compared to about 20.3 million tons during the same quarter of 2022, with an annual growth rate of about 3.4 million tons ton.%.

Freeport LNG Station Resumes Operation

The report indicated that this increase is directly due to the sequential resumption of operation of the liquefaction units at the Freeport LNG station since mid-February after an eight-month hiatus due to a methane gas leak incident at one of the companies. of navigation LNG In June 2022, after which the station stopped to review the safety and security regulations. In about a month and a half since its restart, Freeport LNG has exported cargoes totaling 1.35 million tonnes of LNG.

Future Increase in Freeport LNG Exports

The report suggested that the station’s exports will increase in the coming months after all three of the station’s liquefaction units enter full capacity, although exports continue in this way during the next few months of the year in course 2023.

US to Lead in LNG Exports by End of Year

He explained that the United States should lead the countries of the world by the end of questyear, with a big difference from the rest of the world, after dropping to third place in 2022 behind the State of Qatar and Australia due to the crash incident of the Freeport LNG station, which is the second most grande, a gas liquefaction plant in the United States with a design capacity of 15 million tons per year.