Europe Emerges as Top Buyer of US Gas
So far this winter, Europe has been the biggest buyer of US liquefied natural gas, and despite the fact that the key reason has been profit rather than politics, US LNG has increased its share of a market dominated by pipeline supplies from Russia and Norway.
US officials and LNG industry managers have expressed confidence that the United States can compete with Russia on the European natural gas market, of which Gazprom holds more than a third.
The US administration is keen to sell American LNG to European countries to help them diversify from Russia’s natural gas dominance, Oil Price reported.
In Eastern Europe, Poland and Lithuania - which see reducing Russian gas dependence as an issue of national security - have signed LNG supply deals with US companies.
In the rest of Europe, however, it is the current market and prices that dictate how much US LNG will be shipped.
With Asian LNG prices at their weakest in three years so far this winter, US LNG cargoes have found home in Europe, which is traditionally viewed as the market of last resort for LNG suppliers.
Currently, Europe is the largest buyer of US LNG after shipments surged fivefold compared to the previous winter. Europe overtook Mexico and South Korea as the single biggest destination for US LNG exports.
source: Financial Tribune
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