Oman has surpassed the United States as India's top supplier of liquefied natural gas (LNG) in September, marking a significant shift in the global energy market. The change comes as European buyers increased their purchases of American LNG cargoes, driven by historically low gas storage levels ahead of winter. This heightened competition between spot U.S. supply and Asian demand allowed Oman to take the leading position.
India's imports from Oman rose by 11.6% month over month to 0.59 million tons in September, while imports from the United States dropped by 60.7% to 0.34 million tons. Nigeria ranked second with 0.35 million tons despite a 35% decline, and the United Arab Emirates saw a 27.3% increase in shipments to 0.31 million tons.
According to Wood Mackenzie, India has managed the energy crisis better than Pakistan and Bangladesh since the Iran war began. The country employed a tiered demand-management strategy, prioritizing city gas distribution while reducing supply to the fertilizer, refinery, and industrial sectors. Despite tender award prices climbing from $16.8 to $18.8 per million British thermal units (MMBtu) between March and June 2026 to as much as $26.4 per MMBtu by September, demand remained robust.
The shift in LNG supply dynamics highlights the complex interplay between global energy markets, geopolitical tensions, and regional demand patterns. As Europe secures additional American cargoes, Asian importers like India are forced to diversify their supply sources, leading to a reshuffling of the top suppliers.