Strait of Hormuz Crisis Disrupts Global LNG Supply
Global natural gas markets saw their most disruptive year on record in 2025 and early 2026 due to various supply shocks. The United States emerged as the world's undisputed export leader, shipping roughly 167 billion cubic meters of natural gas, surpassing Russia as the largest exporter. This shift was driven by the expiration of a transit agreement that carried Russian gas through Ukraine to European customers, forcing Europe to rely more heavily on seaborne liquefied natural gas.
The global LNG trade hit a record high of 580 billion cubic meters in 2025, with the US leading exporters at about 150 billion cubic meters. Qatar edged past Australia for second place, shipping around 111 billion cubic meters versus Australia's 109 billion cubic meters. China retained its title as the world's top natural gas importer in 2025 but saw a nearly 2% decline in volume.
The calm of 2025 gave way to turmoil in early 2026 when a crisis in the Strait of Hormuz erupted, choking off roughly a fifth of global LNG supply. Qatari and Emirati export volumes bore the brunt of the disruption, with Asian buyers absorbing more than 80% of the resulting shortfall.