The U.S. led the world in exports of liquefied natural gas (LNG) in 2023, which hit monthly and annual records in December, according to tanker tracking data.

Analysts said the records set in December position the U.S. to surpass Qatar and Australia as the largest exporter of LNG in 2023. Qatar was the largest LNG exporter in 2022, followed by Australia, according to U.S. government data.

Alex Munton, director of global gas and LNG research at consulting firm Rapidan Energy Group, told Reuters that the U.S. drove most of the world’s growth in LNG production in 2023, with about 8.6 million metric tons (MT) being shipped from U.S. terminals in December alone.

"U.S. record production was driven by two factors: the return of Freeport LNG to full service, which added 6 MT and the full-year output of Venture Global LNG’s Calcasieu Pass facility that added 3 MT more than in 2022," Munton said.

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Full-year U.S. exports rose by 14.7% to 88.9 million metric tons (MT), largely driven by the Freeport LNG facility returning to full production after it experienced a fire in 2022 and had to undergo repairs, as well as increased processing efficiency at other facilities, LSEG data showed.

For comparison, 2022 data from the financial information provider showed the U.S. exported 77.5 million metric tons of LNG in 2022.

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Europe remained the primary destination for U.S. LNG in December, with 5.43 MT, or just over 61%, after LSEG data showed Europe received 68% of U.S. LNG exports in November. The month-over-month drop reflected warmer than normal temperatures in Europe and elevated storage levels, analysts at Rystad Energy said in noting that European gas storage was about 97% full at the start of December.

Exports to Asia were the second-largest market for U.S. LNG in December, receiving 2.29 MT or 26.6% of exports — an increase from 18.5% in November. 

U.S. LNG exports to Latin America were half a million metric tons, or just under 6% of total exports, according to LSEG ship tracking data.

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Natural gas flows to the seven big U.S. LNG export plants climbed an average of 14.9 billion cubic feet per day (bcfd) so far in January, up from a monthly record of 14.7 bcfd in December. That topped the prior all-time monthly high of 4.3 bcfd in November, the LSEG data showed.

Reuters contributed to this report.