US Exporters Plug Qatar-Sized LNG Supply Hole
US liquefied natural gas (LNG) exporters have offset the decline in Qatar's LNG exports following Iranian attacks on its facilities and the closure of key Middle East shipping lanes. Despite these disruptions, global LNG supplies remain at record highs.
The war with Iran has wiped out 17% of Qatar's LNG export capacity for up to five years, according to QatarEnergy's CEO. US exporters have cranked up liquefaction capacity to the maximum and tightened vessel loading schedules to make up for the shortfall.
However, US export plants will need to curtail output for maintenance at some point, and weather threats may reduce volumes during the hurricane season that starts in early summer. This could lead to a more severe tightening of global LNG markets than seen so far.
The US is on track to load a record 32.15 million metric tons of LNG during the first four months of 2026, up 28% from the same period last year. This has helped total global seaborne LNG export volumes hit a fresh high of just over 149 million tons for January to April.
The Plaquemines LNG terminal, owned by Venture Global, has played a significant role in lifting US volumes this year, posting a 240% year-over-year jump in export volumes. The facility loaded nearly 6.5 million tons of LNG during the first quarter, helping propel it to the second-largest US export facility.