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The U.S. is expected to become the largest exporter of LNG (liquified natural gas) in 2023. Already, 2022 was a record for long-term contracts in the country, with 65 million tons per year in exports agreed to. That was more than triple the 2021 amount! Currently, our country has the capacity to export about 110 million tons of LNG a year. And projects currently under construction are set to cement its status as the world’s biggest exporter, with about 140 million tons of capacity by 2025. And there's more – $100 billion worth – to come.
More than $100 billion in spending on new LNG projects in our country is in the pipeline for the next five years. This is according to an analysis by the highly-respected energy consultancy, Wood Mackenzie. The flood of investment will help drive U.S. LNG production to more than 280 million metric tons per year by the end of the decade. This is more than triple its current capacity! And well ahead of second-place Qatar.
Longer-term, the outlook for the U.S. LNG industry remains strong. That's because, despite the growth in supply, the global market will remain tight through to the end of 2030. The reason is simple – Asia and Europe continue to increase their consumption of the fuel. Expect more price gains for stocks in this sector. Tony Daltorio Editor @ Wall Street Spy
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