US LNG Exports to Europe on Track to Surpass Biden Promise

According to data from Refinitiv, the U.S. has sent Europe more LNG in the first six months of 2022 than it did throughout all of 2021, surpassing President Biden's commitment to provide 15 Bcm of LNG made in March.

Jarrett Renshaw and Scott DiSavino, Reuters

When U.S. President Joe Biden promised European leaders in March that he would help secure new supplies of LNG to offset shortages from Russia’s invasion of Ukraine, his pledge was greeted with skepticism.

After all, the U.S. LNG industry was already hitting its export limits and the global market is dominated by long-term contracts that can dictate where exported gas would go for twenty years at a time.

It turns out, however, that Biden's promise may have been far too modest.

The U.S. is on track to blow past Biden’s March commitment of an additional 15 Bcm of LNG for Europe this year, according to a Reuters analysis of export data compiled by Refinitiv, and to triple the pledge.

The No. 1 natural gas producer became the top LNG exporter in the world in the first half of 2022, the U.S. Energy Information Administration said on July 25.

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