Natural gas pipes with valves. Color illustration of industrial oil, water, gas pipe system distribution. Vector.
Europe used to be independent for natural gas, but then the North Sea reserves dried up.Dumitru Ochievschi/Getty Images
  • Europe recieved close to three quarters of the US's liquefied natural gas from January to April.
  • The increased supply amounts to triple the 2021 average, Bloomberg reported.
  • US supply now makes up nearly half of Europe's liquefied natural gas imports.

Nearly three-quarters of the US's liquefied natural gas went to Europe from January to April so far this year, Bloomberg first reported.

The new shipments triple the total amount of LNG exported to the EU in 2021. The US now makes up close to half of Europe's liquefied natural gas supply.

Europe is leaning harder on the US as the EU tries to wean off of Russian supply in light of its invasion of Ukraine. Steep sanctions from the west have forced Russia to seek alternative buyers like China, albeit at steep discounts for their product. 

President Biden promised to pick up the slack of liquefied natural gas as global powers condemn the Kremlin and move away from its energy. Europe had already been contending with an energy supply crunch, giving the US a large incentive to take of advantage of bigger profit margins. The US has increased its overall output of liquefied natural gas in 2022, Bloomberg says, with production up 18% compared to 2021. 



Read the original article on Business Insider