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Annual Review of the Global LNG Market in 2025 and Outlook for 2026

The 2025 global LNG market was driven by strong European demand as the region reduced reliance on Russian pipeline gas and rapid import growth in the MENA region, especially Egypt, while Asian demand, notably China, softened due to higher domestic production and inventory levels. U.S. LNG exports hit a historic 111 million metric tons, propelled by new capacity like Plaquemines and high terminal utilization, contributing to a record 429 million tons of global LNG trade. The episode highlights that 2026 will see further supply expansion from North America and the Middle East, likely pressuring spot prices lower and opening opportunities for price‑sensitive buyers. Overall, the market is in a transition where Europe and emerging MENA importers offset weaker Asian pull, reshaping trade flows.