EU's von der Leyen: Under the deal, US LNG will replace that of Russia's

Biden and von der Leyen are both speaking at the moment to formalise the announcement.

The deal will see US provide an additional 15 bcm of LNG to allow for Europe to quickly curb its reliance on Russian fossil fuels. von der Leyen adds that Europe will work towards ensuring stable demand for additional US LNG until at least 2030.

The thing to note about the deal here is that there are analysts stating that US LNG plants are already producing at full capacity. That means most of the additional gas going to Europe would have to come from exports that would have gone to other parts of the world.

For some context, Russia is Europe's top gas supplier with a total of 155 bcm of gas supplied to bloc in 2021. Most of that supply is via pipelines, with 15 bcm being LNG.