The US to Surpass Qatar and Australia as the World's Largest LNG Exporter Next Year

[Photo by Reuters Yonhap News]

[Asia Economy Reporter Park Byung-hee] Major foreign media reported on the 21st (local time) that the United States will surpass Qatar and Australia to become the world's largest liquefied natural gas (LNG) exporter next year.

The U.S. Energy Information Administration (EIA) predicted that the daily LNG export volume of the United States will reach 11.5 billion ft³ next year. Goldman Sachs analyzed that the EIA's forecast corresponds to 22% of the global LNG demand, surpassing Australia and Qatar, the current first and second largest LNG exporters in the world.

Goldman Sachs projected that the United States will maintain its position as the world's largest LNG exporter until 2025. After that, Qatar is expected to reclaim the top spot as it begins production from new gas fields. However, if U.S. gas companies build new LNG export plants, the United States could continue to hold the number one position.

Global LNG demand is steadily increasing. Although natural gas is a fossil fuel like oil and coal, it is recognized as a relatively cleaner energy source due to its lower greenhouse gas emissions. Therefore, it is gaining attention as a stepping stone in the transition from fossil fuels to eco-friendly energy. In an October report, U.S. investment bank Morgan Stanley predicted that LNG demand could increase by 25 to 50% by 2030.

Global LNG demand has been breaking records every year since 2015. U.S. LNG export volumes have also set new records annually since 2016. In particular, demand for U.S. LNG is high in the Asia region.

According to the EIA, the countries importing the most U.S. LNG are South Korea, China, and Japan. This year, South Korea and China each imported 13% of U.S. LNG exports. Japan's import share was 10%. Last year, South Korea imported the largest volume at 13%, followed by Japan at 12%, and China at 9%.

Due to steady demand from Asian countries and escalating conflicts between Russia and the West this year, Russia has limited its export volumes to Europe, causing natural gas prices to surge. European natural gas futures prices have recently been breaking record highs day after day. U.S. natural gas prices also soared to a 12-year high in October.

This content was produced with the assistance of AI translation services.