Presentation of the IEA's Quarterly Gas Market Report | Q3 - 2025

Following the strong increase in 2024, global gas demand growth slowed down significantly in the first half of 2025. Macroeconomic uncertainty, together with tight supply fundamentals and relatively high prices weighed on natural gas consumption, especially in the key Asian import markets, including China and India. China’s LNG imports plummeted by 20 per cent compared to last year – their steepest decline since the 2022 gas crisis.

Looking forward, market fundamentals are expected to ease in 2026. LNG supply growth is set to accelerate on the back of new major projects, such as Plaquemines LNG in Louisiana, Corpus Christi stage 3, LNG Canada and Qatar’s North Field East expansion. Easing supply fundamentals are expected to foster stronger demand growth, especially in the price sensitive Asian markets.

The IEA’s latest Quarterly Gas Market Report provides a short-term outlook for natural gas supply, demand, trade and more in 2025 and 2026. It also includes a special spotlight on the Middle East.