U.S. exports of LNG to the EU have increased by 272% since the two parties agreed in July 2018 to expand LNG trade. Shipments of U.S. LNG to the EU subsequently reached a record high of 1.4 billion cubic meters in March.
As impressive as these figures are, there is still room for future growth in this trade relationship, according to a position paper released by the American Petroleum Institute (API) and the International Association of Oil & Gas Producers (IOGP). The paper calls for the removal of various trade barriers to further increase the flow of U.S. LNG into Europe.
In total, API and IOGP suggest removing seven barriers to improve the sale of American LNG to member states of the EU. The paper calls for the U.S. Department of Energy (DOE) and the Federal Energy Regulatory Commission (FERC) to streamline the approval process for new LNG export projects by presenting clear and consistent timelines.