The United States is set to become the world’s largest LNG exporter by 2022, overtaking Qatar and Australia, and may continue to hold that title for years to come.
While China and other major economies in Europe and Asia were struggling to obtain adequate supplies of heating and power generation, the United States was sitting on a huge stockpile of supplies that would also grow in the coming years.
Global demand for liquefied natural gas has recorded record levels every year since 2015 and the reason for this is mostly due to the increasing demand in China and the rest of Asian countries, quoting Reuters.
And US exports of liquefied natural gas were increasingly able to meet the needs of many global demands.
US exports of liquefied natural gas have been recording new levels every year since 2016 and are expected to continue to do so in 2022.
The US Energy Information Administration expects US exports of liquefied natural gas to reach 11.5 billion cubic feet per day in 2022.
This amount represents about 22% of global demand for liquefied natural gas, which is expected to reach 53.3 billion cubic feet per day by next year, analysts from Goldman Sachs said, surpassing the United States, Australia and Qatar, the two largest exporters of liquefied natural gas. For now.