Overview
- European LNG receipts rose by 30% in 2025 to more than 175 billion cubic meters, an increase of about 40 billion cubic meters year over year.
- LNG’s share of Europe’s gas balance climbed to 38% in 2025 from 30% the year before.
- Lower pipeline inflows and strong storage injections kept European prices above key Asian markets, pulling flexible LNG cargoes to Europe.
- Pipeline supply patterns are expected to shift in 2026 with Norwegian volumes recovering and slight gains from North Africa and Azerbaijan offset by lower flows from Russia and Iran.
- Russia’s gas production fell 3% in 2025 to 663 billion cubic meters, and the IEA now forecasts 687 billion cubic meters for 2026, down from its earlier 708 billion cubic meter projection as national forecasts are revised lower.