was already hitting its export limits and the global market is dominated by long-term contracts that can dictate where exported gas would go for 20 years at a time.The United States is on track to blow past Biden’s March commitment of an additional 15 billion cubic meters of LNG for Europe this year, according to a Reuters analysis of export data compiled by Refinitiv, and to triple the pledge.
Through June of this year, the US exported about 57 bcm of gas as LNG with 39 bcm, or 68%, going to Europe, Refinitiv data shows. That is compared with 34 bcm, or 35%, of LNG exports shipped to Europe for all of 2021. The unexpected shift is happening because shippers are willing to pay contractual penalties for failing to deliver to countries like Pakistan and diverting the cargoes to Europe, where the high price covers the fee and profit, analysts said.
But that has meant falling US LNG imports in countries paying less. Belgium, for example, saw its US imports of LNG swell by some 650% while Pakistan saw its US imports decline by 72%, data showed.
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