LNG exports from US to Europe up by almost 2.5 times in 2022

Exports of the US liquefied natural gas (LNG) to Europe increased last year to 117.4 million cubic meters from 47.8 million cubic meters in 2021, according to the Council of Economic Advisers at the White House, Report informs referring to TASS.

According to the authors of the report, supply disruptions caused by Russia’s war against Ukraine have had a more significant impact on US exports of energy resources, in particular LNG and oil.

US LNG and oil exports have risen significantly from high levels already reached in 2021. In the case of LNG, US exports have also shifted significantly to European countries as Russia curtailed its once-dominant pipeline natural gas supplies.

Oil exports have increased overall across the board except for a decline in exports to China. Although this figure reflects only one year and not a trend, studies show that China’s decline in energy imports from the US in 2022 likely represented a shift to imports from other sources, including Russia, along with falling demand due to the slowdown in China’s economic growth, the report notes.