US LNG exports rise in 2024 amid global energy shifts
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In the first half of 2024, the United States solidified its role as the world’s leading exporter of liquefied natural gas, continuing a steady upward trend that began in the early 2010s. Driven by robust production from the Gulf Coast and increasing global demand, US LNG exports averaged 12.2 billion cubic feet per day between January and June 2024, a slight increase from the same period in 2023. This growth persisted despite planned maintenance and unexpected outages at major LNG terminals, underlining the resilience of the US natural gas sector and its significance in global energy security.
US LNG export performance in 2024
Data from the US Energy Information Administration shows that the country’s LNG exports grew by 4 percent compared to the first half of 2023. Five terminals, including Sabine Pass and Corpus Christi in Texas and Louisiana, accounted for nearly half of total LNG shipments. Maintenance at Freeport LNG and Cameron LNG temporarily reduced output but did not offset overall growth, as other terminals operated near full capacity to meet global demand.
Shipments to Europe dropped by 6 percent compared to last year, partly because of increased European storage levels and a mild winter that curbed demand. By contrast, exports to Asia grew by 11 percent in the same period, with South Korea, Japan and China emerging as top buyers. Latin America, including Brazil and Argentina, also increased LNG imports to balance seasonal shortages.
Shifting global demand dynamics
The transition away from Russian pipeline gas since 2022 continues to shape European energy policy, but storage sufficiency and diversified supply have slightly reduced Europe’s need for US LNG in 2024. Meanwhile, rapid economic recovery in parts of Asia and efforts to replace coal-fired generation have boosted LNG imports across the region.
Emerging economies in Southeast Asia are also securing long-term LNG contracts with US suppliers. This shift aligns with broader goals to lower carbon intensity while ensuring grid stability, especially in countries with growing industrial demand.
Infrastructure developments and capacity expansion
The United States continues to expand its LNG infrastructure to maintain its competitive advantage. Construction on new liquefaction units at Golden Pass and Plaquemines LNG is advancing, with additional capacity expected online by late 2024 and early 2025. These expansions could lift total US LNG export capacity to more than 15 billion cubic feet per day by the end of 2025.
Regulatory clarity and streamlined permitting have supported faster project delivery, although recent debates around environmental considerations may influence the timeline for future terminals. The Biden administration’s approach seeks to balance energy security with emission targets, a factor that LNG operators must navigate carefully to ensure sustained export growth.
Future outlook for US LNG exports
Global LNG demand is projected to increase steadily through the decade, driven largely by Asia’s industrial growth and Europe’s diversification strategies. The US is well-positioned to remain a major supplier due to its abundant shale resources, mature pipeline network and established terminal infrastructure.
Challenges remain, including market competition from Qatar and Australia, evolving climate policy and fluctuations in shipping costs. However, the underlying fundamentals, the ample production capacity, geographic proximity to key markets and a strong export ecosystem indicate that the US LNG sector will continue to play a pivotal role in global energy trade.
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