IEA: Europe to import record supplies of LNG

The International Energy Agency projects that Europe will import a record level of LNG in 2026, the organization announced in its quarterly Gas Market Report published on January 23.

Forecasts by the agency project that the continent will purchase over 185bn cubic metres of LNG.

The European Union has pivoted towards imports of the super-chilled fuel following its decision to shift away from Russian pipeline gas in 2022 following Russia’s invasion of Ukraine.

The bloc is also expected to ban imports of Russian LNG in January 2027. In October, the EU announced in its 19th sanctions package that it would move its ban of imports of the super-cooled gas from Russia ahead one year from January 2028.

Despite the announcement of the upcoming ban, the EU continues to buy Russian LNG, with the arctic Yamal LNG facility shipping three-quarters of its LNG to the EU.

In 2025, Europe imported a record 142bn cubic metres of LNG, marking a 28% rise from 2024. The shift towards LNG has seen the EU build a number of new LNG import terminals and sign long-term supply contracts with producers including the United States, Qatar and Australia.

The deal with the US has been the largest of all suppliers. In July, the EU committed to purchasing US LNG, crude oil, and coal exports over the next three years at a value of $250bn for a total of $750bn.

The US exported a record 111mn tonnes of LNG in 2025, with the EU serving as its top market. The rise in exports to the EU, helped the US export almost 20mn more tonnes of LNG than its closest rival, Qatar.

The Trump administration has been fixated on increasing LNG exports to Europe with the US president immediately demanding that the EU reduce the trade deficit with the US by purchasing more US oil and gas or face higher tariffs.