US Oil Companies Struggle With Sales Abroad
US companies are struggling to find long-term foreign buyers of liquefied natural gas, according to The Wall Street Journal.
Currently, oil is experiencing a global downturn as recent demand has plummeted due to the coronavirus epidemic. However, US gas exports were already hard to sell prior to the disease becoming a global crisis and restricting travel.
Buyers outside of the US have been turning to cheaper liquefied natural gas markets. For example, India has turned away from American exporters and has increased buying in the cheaper markets.
Without long term contracts from buyers around the globe, the future for over 20 American exporters is looking increasingly gloomy. These companies need the billions they get from these contracts to continue pursuing projects.
US companies are struggling to find long-term foreign buyers of liquefied natural gas.