2026年液化天然气（LNG）全球供需展望报告（英文）.pdfVIP

ICISLNGGlobalSupplyDemandOutlook-2026

February2026

2026ICISLNGGlobal

SupplyDemandOutlook

1ICISacceptsnoliabilityforcommercialdecisionsbasedonthecontentofthisreport.Unauthorisedreproduction,onwardtransmissionorcopyingofICISGlobalLNGSupply

DemandOutlookineitheritselectronicorhardcopyformatisillegal.

ICISLNGGlobalSupplyDemandOutlook-2026

EXECUTIVESUMMARY

ICISexpects2026tobeabroadlybalancedyearfortheglobalLNGmarket,thoughseasonal

demandpeaksmaycreatelocalizedshortfalls.ThepaceofLNGuptakeamongdeveloping

countrieswillbeofparticularimportanceasspotpricescontinuetoeasethroughouttheyear.

EuropecontinuestobethepremiumLNGmarket,withimportsexpectedtorisefurtheras

thephase-outofRussiangasprogresses.

LNGsupply

AnewwaveofLNGsupplywillcontinuein2026,buildingonthemomentumoftheprevious

year,followingaperiodofsloworstagnantgrowthfrom2020to2024.

WeforecasttotalLNGsupplytoreach472mtonnesin2026,up31mtonnesor7%year-on-

year(yoy).Thatisaslightlylargerincreasethanthe29mtonnesin2025.Weexpectaneven

biggerincreasein2027,whenthemarketadds37mtonnes.

Thebigincreasein2025camefromVentureGlobal’sPlaqueminesplantintheUS,whichbuilt

uptowardspeakcapacityof27mtpa.AnotherUSplant,GoldenPass,willhelptodrivethe

increasesin2026,withthepotentialstart-upofthefirsttwoofitsplannedthree6mtpatrains.

Othercontributionsto2026supplygrowthincludeEni’s2.4mtpaNguyaFLNGplantoffshore

Congo,therestartofthe3.7mtpaDarwinplantinNorthernAustraliaandthe3.25mtpa

EnergiaCostaAzulinMexico.

ThenewwaveofLNGacceleratesin2027asQatarbringsonits32mtpaNorthFieldEast

expansionproject.Thisisduetostartbytheendof2026butwilllikelynotmakemuchimpact

withinthisyear.The