Global LNG trade volumes reached record high in 2025

Global LNG trade volumes increased 5.4% to a record 56.3 billion ft3/d in 2025, driven largely by US LNG export capacity expanding to meet growing demand, according to a recent report from the International Group of Liquefied Natural Gas Importers (GIIGNL). Global LNG trade has slowed this year following the closure of the key export route for Qatar, the world’s second-largest LNG exporter.

LNG exports from the US increased by 26% to 15.1 billion ft³/d in 2025, a larger increase than from any other country, according to the U.S. Energy Information Administration’s (EIA) Natural Gas Monthly. It forecasts US LNG exports will increase further to 17.4 billion ft³/d of LNG in 2026 and 18.6 billion ft³/d in 2027 in its Short-Term Energy Outlook.

US exports amounted to 26% of the global total in 2025, up from 21% in 2024. The US, Qatar, and Australia, the three largest LNG exporters globally, made up a combined 63% of global exports, up from 60% in 2024. Canada exported 0.3 billion ft³/d of LNG in 2025 after LNG Canada began operations in June.

Qatar reported the second-largest increase in LNG exports, rising 3% to 10.6 billion ft³/d in 2025. However, Qatari exports have fallen in 2026 due to the closure of the Strait of Hormuz since 28 February 2026, which has cut off approximately 20% of global LNG supplies. Until LNG flows through the strait return to historical norms, Asian buyers, who in 2025 imported over 80% of Qatari volumes, are competing on the global spot market with European buyers seeking to refill storage inventories, which are currently at a deficit to the five-year average.

Some exporters, including Malaysia, Australia, and Norway, reported decreases compared with 2024 due to facility maintenance. Russian LNG exports fell 8% (0.4 billion ft³/d) in 2025, the largest volumetric decrease of any exporter, on the impact of EU sanctions stemming from the invasion of Ukraine.

European countries increased imports by 29% (3.8 billion ft³/d) in 2025, leading all regions worldwide.

Europe’s seven largest importers added between 0.4 billion ft³/d and 0.6 billion ft³/d of LNG imports each. The expiration of the Ukraine-Russia gas transit agreement at the end of 2024 reduced pipeline gas supplies into Europe and increased LNG import requirements. Imports into Asian countries fell 4% compared with 2024 to 35.7 billion ft³/d, largely driven by a 15% (1.5 billion ft³/d) reduction in imports to China, which expanded its pipeline gas imports and local production to capture a greater share of its domestic natural gas market.

Elsewhere, Egypt increased imports to 1.2 billion ft³/d in 2025 from 0.3 billion ft³/d in 2024 as a domestic supply shortage led to an increase in LNG imports. Bahrain and Senegal imported their first LNG cargoes in 2025, each importing less than 0.1 billion ft³/d. Outside of these three countries, LNG imports into the Middle East and Africa were essentially unchanged in 2025, while LNG imports in the Americas fell by 0.3 billion ft³/d.