The global LNG trade increased almost 80% between 2015 and 2023. Drivers include economic growth, falling natural gas production in some regions, and a shift away from coal-fired power generation. Russia’s invasion of Ukraine in 2022 also added to global LNG demand as Russian pipeline exports were replaced. Concurrently, U.S. LNG exports have ballooned, from practically non-existent in 2015 to nearly 12 billion cubic feet per day (Bcf/d) in 2024. Today, the U.S. is the largest exporter of LNG globally, leading Australia and Qatar. Notably, China stopped importing U.S. LNG as part of the ongoing trade war, but the large, global market for LNG allows U.S. cargoes to shift from China to other destinations. Two US LNG projects were completed in the last few months: Venture Global’s (VG) Plaquemines LNG Phase 1 (1.6 Bcf/d capacity) and Cheniere Energy’s (LNG) Corpus Christi Stage 3 (1.5 Bcf/d capacity). With these projects online, U.S. LNG export capacity is now just above 17 Bcf/d. As shown below, four projects currently under construction are slated to increase capacity by 47% to 25.2 Bcf/d by 2028. LNG exports are expected to be the largest driver of incremental U.S. natural gas demand over the next few years, complementing demand for power generation and data centers (read more).