Asian LNG demand may drop again

Experts anticipate a decline in Asian demand for liquefied natural gas for the second consecutive year due to reduced supplies from the Gulf region resulting from the US-Iranian conflict. This has led to record-high prices and increased pressure on gas consumption in the area. Estimates suggest a drop in demand ranging from 3% to 10% compared to 2025 levels, with more significant impacts in Northeast Asia, particularly China, which has cut its consumption by 6.1 million tons annually due to rising prices and the impact on energy-intensive industries. As a result, ceramic, methanol, and glass factories have been forced to scale back production or shut down. Demand is expected to rebound in 2027 after prices stabilize, although current conditions have disrupted Qatar’s exports, the region’s largest gas supplier, and caused spot gas prices in Asia to rise to $26 per million British thermal units, the highest level since December 2022.

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