Without Russian pipeline gas, Europe’s demand for LNG is projected to increase 150% from 2021-2040. And while US LNG is already flowing to Europe at record levels, significantly more will be required to fully rebalance European gas markets.
That’s according to a new analysis released this week by the American Petroleum Institute (API) and the International Association of Oil and Gas Producers (IOGP) that highlights the ‘immense potential’ of US LNG to help strengthen energy security in Europe.
Release of the study, conducted by Rystad Energy, follows many countries boycotting the supply of Russian gas, one of the biggest exporters, as a result of the war with Ukraine.
Read more: Europe’s unshackling from Russian gas
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