IEA calls 2026 the first year of the new LNG wave: gas supply on the market will increase dramatically

Next year, global supplies of liquefied natural gas (LNG) will grow to their highest level since 2019. This forecast is contained in the latest report International Energy Agency (IEA).

Thanks to the launch of new projects in the US, Canada, and Qatar, LNG supply is expected to grow by 7%, or 40 billion cubic meters, in 2026 (after growing by 5.5% this year).

"2026 will be the first year of the LNG wave, and it will also be a test of how demand will respond to stronger growth, especially in Asia," he said citation Bloomberg IEA analyst Gergely Molnar.

After the 2022 energy crisis, when Europe lost most of its pipeline supplies from Russia, countries around the world are competing for the relatively limited amount of global LNG supplies.

The International Energy Agency expects that the growth in production of this fuel will contribute to record demand for gas next year, especially in price-sensitive Asian markets, as well as in Africa and the Middle East.

At the same time, the IEA has lowered its estimate of global gas consumption growth this year due to high prices.

Analysts noted that consumption in Asia in 2025 will be the weakest since 2022 (less than 1%) due to economic uncertainty and high short-term LNG prices.

China even reduced consumption in the first half of the year by 1%, while purchasing LNG by more than 20%, focusing on pipeline imports and domestic production. India is reducing consumption by 7%, mainly in the petrochemical and industrial sectors.

Next year, the main growth in consumption will come from industry and the energy sector. The latter will grow by 30%, while households and the commercial sector are expected to increase consumption by only 1%.

Asia will lead the way in terms of regional growth, accelerating from 1% this year to 4% next year.

• on June 17, the European Commission presented a plan to completely abandon Russian oil and gas. It stipulates that new gas contracts with Russia will be banned from January 1, 2026. Existing short-term contracts are to be terminated by June 17, 2026, while imports under long-term contracts are allowed until the end of 2027.
• The French energy company TotalEnergies SE believes that the European Union will have enough alternatives to Russian gas in the event of its ban, because after the energy crisis of 2022, many LNG plants began to be built.
• In June 2025 Canada has launched the country's first LNG export terminal and officially became one of the exporting countries of liquefied gas.