Qatari LNG Supply Shock Hits Asia Amid Global Trade Shift

Asian demand for liquefied natural gas (LNG) has declined due to a Qatari supply shock, high prices, and energy substitution. According to sector estimates, Asian imports fell by 11 million tonnes in 2025 compared to the previous year.

The pullback began before the current military crisis, driven mainly by European demand expansion. Several analysts from Kpler, Rystad Energy, LSEG, and Wood Mackenzie have produced converging estimates on the scale of this decline.

China's LNG demand forecast was revised down to 63.5 million tonnes in 2026, a cut of 0.2 million tonnes from the previous estimate. This figure is well below expectations formulated before the crisis.