Global Gas SecurityReview 2026Including the Gas Market Report Q4-2026The IEA examines the full spectrum of energy issues including oil, gas and coal supply and demand, renewable energy technologies, electricity markets, energy efficiency, access to energy, demand side management and much more. Through its work, the IEA advocates policies that will enhance the reliability, affordability and sustainability of energy in its 32 Member countries, 14 Association countries and beyond. This publication, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.Source: IEA. International Energy Agency Website: www.iea.org IEA Member countries: Australia Austria Belgium Canada Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Japan KoreaLatvia LithuaniaLuxembourg Mexico Netherlands New Zealand Norway Poland Portugal INTERNATIONAL ENERGY AGENCY Slovak Republic Spain Sweden Switzerland Republic of TürkiyeUnited Kingdom United States The European Commission also participates in the work of the IEAIEA Accession countries: BrazilChileColombiaCosta RicaIsraelRomaniaIEA Association countries: ArgentinaChinaEgyptIndiaIndonesia Kenya MoroccoNigeriaSenegal Singapore South Africa Thailand Ukraine Viet NamGlobal Gas Security Review 2026 Including the Gas Market Report Q4-2026 PAGE | 3 Abstract Abstract The 10th edition of the IEA’s Global Gas Security Review examines a decade of profound structural change in global gas markets and provides a thorough assessment of the impact of the current conflict in the Middle East on regional and global gas markets. Since the first edition of the Review was published in 2016, the global gas market has evolved substantially, becoming more flexible, liquid and interconnected, but also more complex. The expansion of spot trading and a growing share of destination-flexible liquefied natural gas (LNG) have strengthened the interconnectivity of regional markets. At the same time, growing geopolitical complexity has underscored the need to strengthen the architecture of global gas supply security. Throughout this period, the IEA’s work on natural gas security has continued to expand. Recent supply shocks triggered by Russia’s full-scale invasion of Ukraine in 2022 and the disruption of LNG flows through the Strait of Hormuz in 2026 have highlighted the importance of closer international cooperation on energy security and adequate investment across the gas and LNG value chains. This year’s report examines these structural shifts as well as the latest market developments. It includes the latest insights from the IEA’s quarterly Gas Market Report, providing updated near-term forecasts. A special section also focuses on the outlook for Europe this winter, as the region enters the Northern Hemisphere heating season with storage levels at their lowest in more than a decade, reducing its buffer against supply disruptions. IEA. CC BY 4.0.Global Gas Security Review 2026 Including the Gas Market Report Q4-2026 PAGE | 4 Table of contents Table of contents Executive summary ........................................................................................................................ 5 Global gas security: A changing landscape ................................................................................ 14 Gas market update ....................................................................................................................... 24 Winter outlook .............................................................................................................................. 63 LNG contracting and flexibility update ......................................................................................... 77 Annex ........................................................................................................................................... 95 IEA. CC BY 4.0.Global Gas Security Review 2026 Including the Gas Market Report Q4-2026 PAGE | 5 Executive summary Executive summary IEA. CC BY 4.0.Global Gas Security Review 2026 Including the Gas Market Report Q4-2026 PAGE | 6 Executive summary The architecture of global gas supply security needs strengthening in a world of growing geopolitical complexityGlobal gas and liquefied natural gas (LNG) markets have changed profoundly since the Global Gas Security Review was first published in 2016. Global LNG trade has grown by more than 60% over the past decade, driven largely by an unprecedented expansion of LNG liquefaction capacity in the United States. At the same time, global gas markets are now deeper and more liquid, supported by growing spot trading and a rising share of destination-flexible LNG contracts, particularly for volumes sourced from the United States. The growing flexibility of global LNG trade has strengthened the interconnect...
