Egypt Surpasses Europeans as Largest Buyer of US LNG Amid Global Gas Crisis

In a sudden shift on the global energy map, Egypt has surpassed European nations to become the largest buyer of US liquefied natural gas (LNG), according to the US Energy Information Administration (EIA). In June, Egypt received a record-breaking 2.42 billion cubic meters of LNG from the US, accounting for 16.5% of total US exports.

This massive volume purchased by Egypt equals the combined volume of gas received from the US in June by three European industrial giants: Germany, France, and Italy. The unexpected African competition has dealt a severe blow to Europe, which is struggling with gas shortages and holding prices at around $1,000 for two consecutive weeks.

The collapse of extraction rates at local fields in Egypt led to a sharp drop in domestic natural gas production, forcing Egyptian companies to buy up available tankers at high prices on the spot market. The crisis has also been exacerbated by the military conflict around Iran, which has driven up global LNG prices.