Global LNG Trade Volume Hit New All-Time High in 2022

LNG, or liquefied natural gas, is an important market for Marcellus/Utica drillers. It's also a big deal worldwide. In 2022, global trade in LNG set a record high, averaging 51.7 billion cubic feet per day (Bcf/d), a 5% increase compared with 2021. At one point in 2022, the U.S. became the largest LNG exporter in the world. But then there was an explosion and fire at the Freeport LNG export terminal in June (see Explosion Rocks Freeport LNG Export Plant – Offline for 3 Weeks). What was supposed to be a three-week outage turned into nine months. When Freeport went offline, both Qatar and Australia once again regained the top two spots, respectively, for LNG exports. We are poised to retake the top spot again in 2023.

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