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The Gas Exporting Countries Forum (GECF) is pleased to announce the release of the Annual Gas Market Report (AGMR) 2026. This flagship publication provides a comprehensive analysis of the key trends and developments that shaped the global gas market in 2025, along with short-term prospects for the natural gas industry.
In the Foreword, Dr Philip Mshelbila, Secretary General of the GECF, stated: “2025 marked a turning point in the global energy discourse, as countries increasingly emphasized economic and social development underpinned by reliable and affordable energy, particularly natural gas… gas markets demonstrated renewed resilience, with consumption rising across all major sectors and reinforcing the role of natural gas as the primary driver of global energy supply growth over the last decade.”

Key findings from the AGMR 2026 include:

• Global gas consumption increased 1.2% to reach a record 4.22 tcm in 2025, further cementing natural gas as the dominant driver of global energy expansion, accounting for roughly 30% of primary energy demand growth over the past decade;
• Global gas production also rose to keep pace with rising gas demand, driven by North America, the Middle East and Africa, while 280 upstream projects reached FID, the highest annual level of the past decade, enhancing medium- to long-term security of gas supply;
• Global gas trade rose 3% to reach 1.20 tcm, driven by a surge in LNG that offset a slight decline in pipeline gas trade, with Europe’s total gas imports increasing 6% to 382 bcm and Asia’s imports declining 1% to 463 bcm;
• Pipeline gas trade declined slightly to 605 bcm, reflecting shifting regional supply and demand dynamics, with Europe remaining the largest importing region at 205 bcm, followed by North America with 185 bcm and Asia with 92 bcm;
• LNG trade rose by 6.5% to a record 437 Mt, marking the largest annual increase since 2019, with Europe’s imports increasing 29 Mt to 130 Mt (30% of global LNG trade) and Asia’s imports declining 8 Mt to 273 Mt (63% of global LNG trade);
• Spot gas prices rose across all major markets, though the magnitude of growth varied by region, with the average TTF price increasing 9% to $11.9/MMBtu, North East Asia (NEA) spot LNG rising 3% to $12.1/MMBtu, and US HH prices surging 59% to $3.6/MMBtu;
• The escalating conflict in the Middle East in early 2026 has significantly affected the global gas market but is not expected to fundamentally alter the outlook for 2027 and beyond, indicating that global gas market growth will remain robust over the medium term.

The GECF AGMR 2026 is accessible through the following link: 2026 Edition of the GECF Annual Gas Market Report