Gas Market Report, Q1-2026
About this report
Natural gas markets continued to rebalance in 2025. Global LNG supply returned to double-digit growth in the second half of the year, supported by the ramping-up of new LNG liquefaction projects in the United States, Canada and Africa. This strong growth is gradually easing market fundamentals and contributing to a more secure and resilient global gas market.
Global LNG supply growth is set to accelerate further in 2026, fostering a stronger increase in natural gas demand, which is expected to reach a new all-time high. Although the LNG supply growth is reducing market tightness, geopolitical tensions and weather impacts may still cause price volatility. Close international co-operation between responsible producers and consumers remains important to reinforce the architecture for secure global gas supplies. The International Energy Agency (IEA) continues to support this process, including through the permanent Working Party on Natural Gas and Sustainable Gases Security (GWP), established in late 2024.
This edition of the quarterly Gas Market Report provides a thorough review of market developments in 2025 and an outlook for 2026. The report includes a section dedicated to key policies undertaken in 2025, with a special focus on market reforms introduced in fast-growing markets in Asia.