United States Poised to be World’s Largest LNG Exporter in 2022 as China Becomes Top LNG Importer

[Nicodeamus]

The world’s two largest economies—the United States and Mainland China—are poised to be the world’s top export and import markets for liquefied natural gas (LNG) in 2022, says a new report by IHS Markit, (NYSE: INFO), a world leader in critical information, analytics and solutions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220105006005/en/

IHS Markit estimate of liquefied natural gas (LNG) trade in 2021, in million metric tons (MMt). (Graphic: Business Wire)
The report, entitled LNG Trade in 2021: Runaway Recovery finds that the United States, which was the third-largest LNG exporter behind Australia and Qatar for the full year of 2021, is poised to claim the top spot in 2022. The United States was the largest source of LNG supply growth in 2021, adding 25 million metric tons (MMt) amid continued buildup of liquefaction capacity as well as the ramping up of output from plants turned down the previous year. Average utilization for U.S. plants climbed from 43% in third quarter 2020 to 98% in third quarter 2021.

Meanwhile, Mainland China has already become the top global importer of LNG. Imports reached 81 MMt in 2021 (increase of 12.3 MMt or 18%), overtaking Japan where imports were flat year-over-year at 75 MMt. This marks the first time since the early 1970s that Japan has not been the world’s largest LNG importer.

News Release | IHS Markit Online Newsroom

IHS - The Global Source for Critical Information and Insight. The IHS Newsroom is designed for journalists and media professionals.

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[Nicodeamus]

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