Global LNG trade rose 5.4% to a record 56.3 billion cubic feet per day (Bcf/d) in 2025, according to a report from the International Group of Liquefied Natural Gas Importers. US export capacity did most of the lifting. That record already reads as a high-water mark, because trade has slowed in 2026 with Qatar's main export route closed.

US exports took a quarter of the market

US LNG exports rose 26% to 15.1 Bcf/d in 2025, a larger increase than any other country reported, according to EIA's Natural Gas Monthly. That lifted the US share of global exports to 26%, from 21% in 2024. EIA's Short-Term Energy Outlook forecasts a further climb to 17.4 Bcf/d in 2026 and 18.6 Bcf/d in 2027.

The United States, Qatar and Australia together supplied 63% of global exports, up from 60% a year earlier. Canada entered the market with 0.3 Bcf/d after LNG Canada began operations in June.

Hormuz took Qatar's volumes out

Qatar posted the second-largest gain of 2025, up 3% to 10.6 Bcf/d. Those volumes have fallen this year. The Strait of Hormuz has been closed since February 28, cutting off roughly 20% of global LNG supply.

Asian buyers took more than 80% of Qatari volumes in 2025. With that route shut, they are bidding for spot cargoes against European buyers trying to refill storage that currently sits below its five-year average.

Europe pulled, Asia pulled back

Europe led every region on imports, up 29%, or 3.8 Bcf/d. Its seven largest importers each added between 0.4 Bcf/d and 0.6 Bcf/d. The Ukraine-Russia gas transit agreement expired at the end of 2024, which cut pipeline supply into the continent and raised what it needed to buy as LNG.

Asia went the other way. Imports fell 4% to 35.7 Bcf/d, driven by a 15% drop in China, or 1.5 Bcf/d, as it expanded pipeline imports and domestic production to take a bigger share of its own gas market.

Smaller movements

Egypt raised imports to 1.2 Bcf/d from 0.3 Bcf/d after a domestic supply shortage. Bahrain and Senegal each took their first cargoes, both under 0.1 Bcf/d. Beyond those three, imports across the Middle East and Africa were essentially flat, while the Americas fell 0.3 Bcf/d.

On the supply side, Russian exports fell 8%, or 0.4 Bcf/d, the largest volumetric decrease of any exporter, under EU sanctions stemming from the invasion of Ukraine. Malaysia, Australia and Norway each shipped less than in 2024 because of facility maintenance.