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About this report
This quarterly Gas Market Report provides a short-term outlook for natural gas supply, demand, trade and more in 2025 and 2026. It finds that following a strong expansion in 2024, global gas demand rose at a much slower rate in the first half of 2025. Macroeconomic uncertainty, together with tight supply fundamentals and relatively high prices, weighed on natural gas consumption, particularly in price-sensitive markets in Asia. Both China and India recorded demand declines in the first half of 2025 compared with the same period in 2024.
Europe’s liquefied natural gas (LNG) imports are expected to reach an all-time high in 2025, supported by stronger storage injections, higher domestic demand and lower piped gas supplies from Russia. In contrast, China’s LNG imports are forecast to fall amid weaker natural gas demand and strong competition from Europe for flexible LNG cargoes.
Geopolitical tensions have continued to fuel price volatility, while adding to the unusually wide range of uncertainties that could affect this report’s short-term forecasts. The conflict between Israel and Iran highlighted the Middle East’s important role in energy security and served as a stark reminder that geopolitical tensions can easily distort a still-fragile global gas balance. This report includes a special section on the Middle East.
Meanwhile, global LNG supply growth is set to accelerate in 2026 to its fastest pace since 2019, primarily driven by additions in the United States, Canada and Qatar. Easing supply fundamentals are expected to support stronger gas demand growth, especially in key Asian import markets.