About a month or so ago, I wrote about the Biden administration’s decision to pause the granting of new LNG export approvals in order to ensure that climate issues could be reflected in the eventual decision. This is a geopolitical mistake because of the shadow it casts over the supply of American LNG to a Europe now deprived of Russian gas. And it is an economic mistake, not least because it is going to cost jobs. It is also quite clearly pointless, because, in the end, other suppliers of LNG will boost production to fill any gap.
There’s just been some fresh news relating to that last point.
Qatar’s planned expansion of liquefied natural gas (LNG) production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the United States where President Biden paused new export approvals, market experts say.
Qatar, one of the world’s top LNG exporters, plans an 85% expansion in LNG output from its North Field’s current 77 million metric tons per year (mtpa) to 142 mtpa by 2030, from previously expected 126 mtpa. . . .
As a reminder (via the New York Times, January 24, 2024):
“We see CP2 [A massive LNG export terminal, planned for Louisiana] as stopping the first fraction of the largest LNG build out to date,” said Alex Haraus, a 25-year-old Colorado social media influencer who has led a TikTok and Instagram campaign aimed at urging young voters to demand that Mr. Biden reject the project. His posts have received about 7 million views on TikTok and Instagram.
Among those who saw the posts were Ali Zaidi and John Podesta, senior advisers to Mr. Biden on climate policy. Mr. Podesta is also a veteran of climate advocacy and presidential campaigns. Mr. Haraus had a Zoom meeting with Mr. Zaidi this week and with Mr. Podesta last month to discuss the project, one of several meetings about CP2 between White House climate officials and environmental groups.
Strategery influenced by TikTok.
What could go wrong?