US LNG Exports Set to Soar in 2024

Forex - US LNG exports approached record levels in December. With the commencement of two new facilities, LNG exports rose to 8.5 million metric tons in December, marking a 4.5% increase in shipments for the entire year compared to 2023. December 2024 exports fell slightly below the 8.6 million tons recorded in December 2023, and surpassed the 7.75 million tons exported in November by 9%.

For the entire year of 2024, LNG exports increased to 88.3 million tons from 84.5 million tons in 2023, ensuring the US retained its crown as the world's largest LNG exporter. The startup of Cheniere Energy's Phase 3 expansion in Corpus Christi, Texas, and the commissioning of Venture Global LNG's Plaquemines facility in Louisiana are expected to add 30 MTPA to US annual production over time.

Alex Munton, global gas and LNG research director at consultancy firm Rapidan Energy Group, stated, "Given the large scale of the Plaquemines facility, the growth in US exports stemming from the new capacity coming online will be crucial in mitigating some of the global LNG price volatility we expect in 2025."