In 2024, the United States solidified its position as the world’s largest liquefied natural gas (LNG) exporter, with daily exports reaching 11.9 billion cubic feet (Bcf/d). This achievement came despite a backdrop of relatively stable exports from Australia and Qatar, the second and third largest exporters, whose numbers have ranged from 10.2 Bcf/d to 10.7 Bcf/d over the past five years. Russia and Malaysia continue to hold the fourth and fifth positions globally in LNG exports, with Russia averaging 4.4 Bcf/d and Malaysia 3.7 Bcf/d in 2024.
The stagnation of U.S. LNG exports compared to 2023 is attributed to several factors, including unplanned outages at existing export facilities, diminished natural gas consumption in Europe, and minimal additions to LNG export capacity since 2022. A significant milestone was reached in December 2024 when the Plaquemines LNG Phase 1 facility dispatched its first export cargo, marking the eighth U.S. LNG export facility now in service. The functional utilization of existing terminals remained stable, averaging 104% of nominal capacity and 86% of peak capacity.
Europe remained the dominant destination for U.S. LNG, absorbing 53% of total exports, though exports to Asia grew from 26% in 2023 to 33% in 2024. Exports to regions such as the Middle East and Latin America also saw increases, climbing to 14% of total exports. However, U.S. natural gas exports to Europe fell by 19% in 2024, particularly affecting EU countries and the UK.
The decline was largely due to lower consumption and high gas storage levels post a mild winter. Notably, U.S. LNG exports to Türkiye and Greece rose slightly. The expansion of LNG import capacity in the EU and the UK, which has grown by over 40% since 2021, is expected to continue, with more facilities coming online in 2025.
In Asia, countries such as Japan, South Korea, India, and China collectively accounted for 76% of U.S. LNG imports, with India seeing the most significant increase. Meanwhile, Egypt resumed U.S. LNG imports in 2024 for the first time since 2018, driven by rising domestic consumption. Increased U.S. LNG imports were also noted in Brazil and Colombia, primarily due to drought impacting hydropower generation.