Annual Review of the Global LNG Market in 2025 and Outlook for 2026
2025 was a landmark year in LNG trade and 2026 will continue to break records (with 8 charts and a table)
2025 marked a pivotal year for global LNG trade, characterized by sustained robust demand in Europe as the region accelerated its shift away from Russian pipeline gas, alongside significant growth in the MENA region—primarily driven by Egypt, which ramped up imports sharply due to persistent domestic production shortfalls and rising energy needs.
This positive momentum was partially counterbalanced by subdued demand across much of Asia, most notably a pronounced slowdown in China, where LNG imports declined markedly amid stronger domestic production, expanded pipeline supplies, elevated inventories from a mild winter, and weaker industrial and power sector consumption.
Overall, these regional dynamics reflected a transitional phase in the global LNG market, with Europe and emerging MENA importers providing key support amid softer Asian pull.
On the supply side, U.S. LNG exports achieved a historic milestone, reaching a record 111 million metric tons (the first time any country surpassed 100 million tons in a single year), up significantly from prior levels. This surge was fueled by new capacity additions, such as the rapid ramp-up at Plaquemines LNG, and consistently high utilization across terminals. The U.S. is poised to maintain its leadership in supply growth into 2026 and beyond.
Global LNG trade volumes also set new highs, with exports estimated at around 429 million tons for the year (a 4% increase, the largest jump in three years), and December 2025 delivering record monthly figures, including U.S. exports hitting 11.5 million tons—an all-time monthly peak. Additional records included unprecedented U.S. LNG flows to key markets like Turkey, Italy, and Croatia.
Looking ahead, LNG supply is expected to expand further in 2026, primarily from new projects in North America and the Middle East. This added capacity could exert downward pressure on spot LNG prices, potentially stimulating demand in price-sensitive regions while reshaping global market dynamics.
Source: QatarEnergy LNG, 2025