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EU will seek a sharp increase of US LNG imports by 2023

President Donald Trump reacts as he walks with the President of the European Council Donald Tusk (not pictured) after a meeting in Brussels, Belgium, May 25, 2017.
Eric Vidal | Reuters

The European Union will seek to increase its imports of liquefied natural gas (LNG) from the United States to 8 billion cubic metres (bcm) per year by 2023, more than double the level of 2018, the European Commission said on Thursday.

U.S. President Donald Trump agreed with European Commission chief Jean-Claude Juncker in July 2018 not to impose tariffs on EU cars as the two sides sought to improve economic ties, including a drive to increase U.S. exports of LNG.

The Commission, which coordinates trade policy for the 28-nation EU, said in a statement that U.S. LNG imports had increased sharply since then, with more than 1.4 bcm in March alone.

"The European Union is ready to facilitate more imports of liquefied natural gas from the U.S., if the market conditions are right and prices competitive," the Commission said.