US Increases LNG Exports to Europe Amid 'Energy Crisis'

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] On the 16th (local time), the United States approved additional exports by its liquefied natural gas (LNG) producer Cheniere Energy to help Europe, which is experiencing an energy crisis due to Russia's invasion of Ukraine.

The U.S. Department of Energy allowed Cheniere to export about 20.39 million cubic meters of LNG per day to any country, including all of Europe, even those with which the U.S. does not have a free trade agreement.

Before Russia's invasion of Ukraine, the U.S. had been in contact with foreign LNG export companies to ensure that Europe, which heavily depends on Russian energy, could continue to receive LNG supplies.

Russia supplies 30 to 40% of the natural gas Europe needs, amounting to 509 million cubic meters per day as of last year.

U.S. lawmakers and the energy industry have been urging the Biden administration to increase exports of natural gas and oil to European allies facing worsening energy shortages due to Russia's invasion of Ukraine.

The United States, the world's largest LNG exporter, plans to expand production capacity and increase exports by 20% from current levels by the end of this year.

The Department of Energy emphasized, "All LNG export projects currently operating in the U.S. have been approved to export at maximum production capacity," adding that "LNG is an important element of global energy security."

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