天然气市场报告，2026年第一季度.docxVIP

GasMarketReport,Q1-2026

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Gas

GasMarketReport,Q1-2026

Abstract

Abstract

Naturalgasmarketscontinuedtorebalancein2025.GlobalLNG

supplyreturnedtodouble-digitgrowthinthesecondhalfoftheyear,supportedbytheramping-upofnewLNGliquefactionprojectsin

theUnitedStates,CanadaandAfrica.Thisstronggrowthis

graduallyeasingmarketfundamentalsandcontributingtoamoresecureandresilientglobalgasmarket.

GlobalLNGsupplygrowthissettoacceleratefurtherin2026,

fosteringastrongerincreaseinnaturalgasdemand,whichis

expectedtoreachanewall-timehigh.AlthoughtheLNGsupply

growthisreducingmarkettightness,geopoliticaltensionsand

weatherimpactsmaystillcausepricevolatility.Closeinternationalco-operationbetweenresponsibleproducersandconsumers

remainsimportanttoreinforcethearchitectureforsecureglobalgassupplies.TheInternationalEnergyAgency(IEA)continuesto

supportthisprocess,includingthroughthepermanentWorkingPartyonNaturalGasandSustainableGasesSecurity(GWP),establishedinlate2024.

ThiseditionofthequarterlyGasMarketReportprovidesathoroughreviewofmarketdevelopmentsin2025andanoutlookfor2026.

Thereportincludesasectiondedicatedtokeypoliciesundertakenin2025,withaspecialfocusonmarketreformsintroducedinfast-growingmarketsinAsia.

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Gas

GasMarketReport,Q1-2026

Tableofcontents

Tableofcontents

Executivesummary 5

Keygaspoliciesandmarkettrendsin2025 12

Gasmarketupdate 29

Annex 66

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Gas

GasMarketReport,Q1-2026

Executivesummary

Executivesummary

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Gas

GasMarketReport,Q1-2026

Executivesummary

TheunfoldingLNGwaveisexpectedtodrivestrongergasdemandgrowthin2026

2025wasatransitionalyearfornaturalgasmarkets.While

supplyfundamentalsremainedtightinthefirsthalfoftheyear,

strongLNGproductiongrowthgraduallyeasedmarketconditionsstartingfromJuly.F