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India’s LNG imports from the US at record 7.25 BCM in 2024
India’s imports of liquefied natural gas (LNG) from the US surged to 256.05 billion cubic feet, or roughly 7.25 billion cubic meters (BCM), during 2024 calendar year (CY) — the highest on record
According to the US Energy Information Administration (EIA), India’s LNG imports from the US rose by more than 55 per cent year-on-year (y-o-y) during CY 2024. Compared to 2022, imports more than doubled.
More than 15 BCM per year of new sales and purchase agreements were signed in 2024, as per the International Energy Agency (IEA).
The previous high was registered in 2021 when India imported 5.56 BCM of LNG from the North American country, which overtook the UAE as India’s second largest LNG supplier in 2023 CY, after Qatar. In the same year, the US also became the world’s largest LNG exporter, accounting for 21 per cent of the market, followed by Australia and Qatar.
A top government official said that oil and gas volumes from the US will rise “for sure”. However, the scope is higher for LNG considering that India generally imports light sweet crude oil from the US (WTI), which yields more petrol.
Logistics and crude costs are the key as Middle East crude freight costs are around $1.50 per barrel, roughly one-third of the US costs.
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