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IGU 2026 World LNG Report Summary

Core Content Overview

The International Gas Union (IGU) has published the 17th edition of the World LNG Report, highlighting the LNG industry's strong fundamentals and its evolving role in the global energy transition. The report outlines the current state of the LNG market, including trade, pricing, liquefaction, shipping, and regasification infrastructure, while addressing the impact of geopolitical events and the industry's response to challenges in 2026.

Main Points and Key Insights

1. LNG Industry Overview (2025-2026)

• Global LNG Trade:
  • Reached a record 436.98 million tonnes (Mt) in 2025, up 6.3% from 2024.
  • North America (especially the U.S.) and the Middle East (Qatar, UAE) were key contributors to growth.
  • Asia Pacific remained the largest exporting region, while Europe and Africa emerged as stronger importers.
• LNG Import Growth:
  • Asia Pacific imports increased by 3.6 Mt, but declined in 2026 due to reduced demand in China and India.
  • Europe saw significant import growth, replacing Russian pipeline gas and replenishing storage.
• Liquefaction Capacity:
  • Global liquefaction capacity reached 524.5 Mtpa in 2025, up 30.1 Mt.
  • The U.S., Australia, and Qatar accounted for over half of the global capacity.
  • Utilisation slightly declined to 83.9% due to maintenance, weather, and commissioning challenges.
• Floating LNG (FLNG):
  • Operational FLNG capacity reached 16.6 Mtpa by end-2025.
  • Tortue/Ahmeyim FLNG started operations in 2025, contributing 2.5 Mtpa.
  • FLNG projects in Mozambique and Argentina added capacity and interest in offshore solutions.

2. Price Trends in 2025

• Platts JKM Benchmark:
  • Averaged US$12.16/MMBtu, up 2.1% from 2024.
  • Traded between US$9.39 and US$17.12/MMBtu.
• Regional Volatility:
  • Asia showed stronger seasonal volatility, while the Atlantic basin remained well-supplied.
• 2026 Price Response:
  • Prices surged due to Middle East disruptions, with Platts JKM reaching US$25.39/MMBtu on 3 March.
  • Increased price volatility and competition for flexible cargoes were observed.
  • Physical and derivatives trading activity rose significantly.

3. LNG Shipping Market

• Fleet Growth:
  • The active LNG carrier fleet expanded to 804 vessels by end-2025, with 49 FSRUs and 11 FSUs.
  • Vessel deliveries kept the market oversupplied, keeping freight rates low.
• Charter Rates:
  • Remained historically weak, with some vessels trading at or below breakeven levels.
  • Temporary tightening occurred in October and November due to winter stocking and new U.S. liquefaction capacity.
• Technology Trends:
  • X-DF propulsion systems dominated new builds.
  • Everllence B&W announced the discontinuation of ME-GA engine production due to tightening IMO regulations.
  • Larger and more efficient vessels continued to be delivered in 2025.

4. LNG Receiving Terminals

• Global Regasification Capacity:
  • Reached 1,113.5 Mtpa by end-2025, across 50 markets.
  • 20 new projects were commissioned, adding 62.9 Mtpa of capacity.
• Key Markets:
  • China added 15.1 Mtpa through five new projects.
  • Europe expanded its infrastructure, with Germany, Croatia, Poland, and Italy progressing new terminals.
  • Egypt and Senegal entered the LNG import market, showing strong growth in Africa.
  • Jordan enhanced its LNG import capacity with the Aqaba FSRU.
• Under Construction:
  • 229.3 Mtpa of regasification capacity was under construction, with Asia accounting for over half.
  • Emerging markets like Nicaragua, Iraq, and Antigua and Barbuda continued developing their first LNG terminals.

5. Floating and Offshore Regasification

• Capacity:
  • Global floating and offshore regasification capacity reached 216.1 Mtpa by end-2025.
  • Floating terminals accounted for around 19.4% of total global regasification capacity.
• Growth Drivers:
  • Floating solutions are preferred for their flexibility, shorter construction timelines, and lower upfront costs.
  • These projects are critical for new importing markets and for diversifying supply routes.

6. Challenges and Opportunities in 2026

• Middle East Conflict:
  • Damaged LNG infrastructure, increased supply uncertainty, and raised prices for Asian buyers.
  • QatarEnergy declared force majeure on multiple contracts, and missile damage to Qatari liquefaction trains could affect supply for years.
• Strait of Hormuz Crisis:
  • Prompted a shift in trade flows, with Asian buyers sourcing from the Atlantic basin.
  • Increased physical and derivatives trading activity as market participants hedged against volatility.
• Long-Term Outlook:
  • The industry is expected to continue growing through 2035, driven by population growth, urbanisation, and the demand for cleaner energy.
  • Continued investment, innovation, and international cooperation are essential to ensure LNG's role in energy security and decarbonisation.

Conclusion

The LNG industry is demonstrating resilience and adaptability in the face of geopolitical and market challenges. Despite the disruptions in 2026, the fundamentals of growth and diversification remain strong. The expansion of LNG infrastructure, both onshore and offshore, continues to support the industry's role in global energy security and the transition to cleaner energy systems. The integration of e-methane and biogas into existing infrastructure further reinforces LNG's potential to contribute to a sustainable future.