India’s liquefied natural gas (LNG) imports from the United States reached an all-time high of 252.28 trillion cubic feet, or approximately 7.14 billion cubic meters (BCM), during the first 11 months of 2024. According to the US Energy Information Administration (EIA), these imports surged by more than 71% year-on-year and were 53.5% higher than total imports in 2023.
The previous record was set in 2021 when India imported 5.56 BCM of LNG from the US. With December 2024 data yet to be finalized, the total import volume is expected to rise further, albeit marginally.
US Becomes India’s Second-Largest LNG Supplier
The 2024 World LNG Report revealed that the US surpassed the UAE to become India’s second-largest LNG supplier in 2023, following Qatar.
Kenneth Foo, Associate Editorial Director at S&P Global Commodity Insights, highlighted the US as the leading LNG exporter in 2023, overtaking Qatar and Australia due to increased liquefaction capacity.
Foo explained that sellers found it more profitable to ship LNG to India rather than North Asia, as the Cape of Good Hope route offered lower freight costs. Additionally, long-term contracts signed by Indian entities supported steady LNG imports from the US.
Non-GECF Countries Gain Market Share
India imported approximately 36.43 BCM of LNG in 2024. The Gas Exporting Countries Forum (GECF) supplied 72.71% of this volume, while non-GECF countries accounted for a record-high 28.29% share.
GECF members include Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, UAE, and Venezuela.
Observer nations include Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique, Peru, and Senegal. Besides the US, non-GECF suppliers include Australia, Indonesia, Oman, Brunei, Mexico, Papua New Guinea, Norway, and Cameroon.
Previously, the highest share of non-GECF countries in India’s LNG imports was 25.33% in 2021. That year, the country imported 33.79 BCM of LNG. The increasing reliance on US LNG has boosted non-GECF imports. In 2024, the US remained the world’s largest LNG exporter for the second consecutive year.
US Leads Among Non-GECF Suppliers
Among non-GECF suppliers, the US has consistently held the largest share of LNG exports to India. In 2021, its share stood at 64.59%, declining to 58.61% in 2022. However, by 2023, the US share rebounded to over 70.50% and climbed further to a record 71.83% during January–November 2024, based on US EIA data.
Future Growth in US LNG Imports
India’s LNG imports from the US are set to increase. This follows the recent meeting between US President Donald Trump and Indian Prime Minister Narendra Modi.
As reported by thehindubusinessline.com, Foreign Secretary Vikram Misri stated that India’s oil and gas purchases from the US could increase. The value may reach $25 billion annually. This would be an increase from approximately $15 billion last year. This growth aligns with India’s strategy to diversify its energy sources and strengthen energy security.
