US, Qatar, Egypt Supply Europe’s LNG Demand

LNG imported by Europe increased by 66 bcm, according to a recent report by the International Energy Agency (IEA).

While the US supplied approximately two-thirds (43 bcm) of the incremental LNG inflows into Europe, other “swing suppliers” were also able to redirect significant flexible volumes to the European market, with Qatar (5 bcm), Egypt (5 bcm), Norway (3 bcm), Angola (2 bcm), Russia (2 bcm) and Trinidad and Tobago (2 bcm) providing the bulk of the remaining one-third.

The increase in European demand raised prices and doubled the value of the global LNG market in 2022 to an all-time high of USD 450 billion. Traded volumes, however, increased by 6%.

The agency expects the growth of the global market in 2023 to increase by an additional 4.3 %.