GECF: LNG imports drop in May

Doha-based GECF said global LNG imports fell by 4.6 percent (1.59 Mt) year-on-year to 32.87 Mt in May, although the pace of contraction moderated compared with April.

The decline was driven by weaker LNG imports in Asia and Europe, partly offset by stronger imports in Latin America and the Caribbean (LAC).

GECF noted that ongoing restrictions on LNG transit through the Strait of Hormuz amid the Middle East conflict continued to constrain regional LNG exports, reducing global LNG supply and weighing on import volumes worldwide.

For the period January to May 2026, global LNG imports reached 181.67 Mt, up 1.5 percent (2.76 Mt) y-o-y, driven by stronger imports in Europe, the Middle East, and Africa (MEA).

European LNG imports drop 11 percent

In May, Europe’s LNG imports declined by 11 percent (1.09 Mt) y-o-y to 9.21 Mt, marking the steepest monthly decline since November 2024, GECF said.

GECF said the decline reflected tighter global LNG supply following lower exports from the Middle East, as well as the diversion of some US and Nigerian LNG cargoes to higher-priced Asian and Egyptian markets.

Asian spot LNG prices continued to trade at a significant premium to the European TTF price, while Egypt’s LNG procurement strategy, based on a premium to TTF, provided more attractive netbacks for LNG suppliers, GECF said.

At the country level, Belgium, France, the Netherlands, and Spain recorded the largest declines, while Germany registered an increase in LNG imports.

For the period January to May 2026, Europe’s LNG imports reached 59.74 Mt, representing an increase of 3.2 percent (1.88 Mt) y-o-y, GECF said.

The decline in Belgium’s LNG imports was driven mainly by lower volumes from Qatar and the US.

In France and the Netherlands, weaker imports from the US accounted for most of the contraction, while Spain’s LNG imports fell due to lower arrivals from Nigeria and the US, GECF said.

In contrast, Germany’s LNG imports increased, supported primarily by stronger inflows from the US.

Although Italy experienced a significant reduction in LNG imports from Qatar, the impact was largely offset by higher imports from the US, GECF said.

Asian LNG imports

GECF said that Asia’s LNG imports declined by 3.5 percent (0.76 Mt) y-o-y to 20.79 Mt, although the pace of decline moderated compared with March and April.

Continued restrictions on LNG transit through the Strait of Hormuz constrained LNG supply from Qatar and the UAE, weighing on Asian imports, it said.

According to GECF, China, Pakistan, Singapore, and South Korea recorded the largest declines, while higher imports in Bangladesh, India, and Thailand partially offset the regional downturn.

For the period January to May 2026, Asia’s LNG imports fell by 1.2 percent (1.28 Mt) y-o-y to 108.89 Mt.

GECF said the decline in LNG imports in China, Pakistan, Singapore and South Korea was driven primarily by a sharp reduction in volumes from Qatar.

Although imports from other LNG suppliers increased, they were insufficient to fully offset the loss of Qatari supply.

GECF noted that elevated spot LNG prices also discouraged spot market purchases.

Nevertheless, the pace of decline moderated compared with previous months as China began replenishing inventories ahead of the summer season.

Meanwhile, Bangladesh, India, and Thailand remained active in the spot LNG market, securing additional cargoes, particularly from the US, to compensate for lower Qatari imports and meet growing domestic gas demand, GECF said.

Latin America and MEA

GECF said that LNG imports in the Latin America and the Caribbean region increased by 24 percent (0.24 Mt) y-o-y to 1.26 Mt, the highest monthly level since August 2025.

The increase was driven primarily by stronger imports in Brazil, Colombia, the Dominican Republic, El Salvador, and Jamaica.

For the period January to May 2026, LAC’s LNG imports remained broadly stable at 4.99 Mt, representing a marginal increase of 0.5 percent (0.02 Mt) y-o-y, GECF said.

The rise in LNG imports in Brazil, Colombia, and the Dominican Republic was supported by stronger gas burn.

In Colombia, LNG imports reached a record high as the country sought to preserve hydroelectric reserves and increase gas-fired generation amid growing concerns that El Nino could bring drought conditions.

Meanwhile, higher LNG imports from Trinidad and Tobago and Nigeria supported increased LNG receipts in El Salvador and Jamaica, respectively, GECF said.

On the other hand, LNG imports in the Middle East and Africa (MEA) region remained broadly unchanged y-o-y at 1.60 Mt, GECF said.

GECF said that a continued surge in Egypt’s LNG imports offset lower imports in Jordan and Kuwait.

The increase in Egypt’s LNG imports was driven by lower domestic gas availability, while LNG imports in Kuwait remained affected by the impact of Middle East conflict.

For the period Jan-May 2026, MEA’s LNG imports jumped by 31 percent (1.67 Mt) y-o-y to 7.03 Mt, GECF said.

LNG exports continue to decline

In May, global LNG exports continued to decline, falling by 5.8 percent (2.01 Mt) y-o-y to 32.61 Mt, the lowest monthly level since July 2024, GECF said.

The contraction was driven primarily by ongoing restrictions on LNG transit through the Strait of Hormuz amid the Middle East conflict.

Higher LNG exports from non-GECF countries, together with stronger LNG re-exports, partially offset the decline in exports from GECF member countries.

For the period January to May 2026, global LNG exports increased by 1.9 percent (3.30 Mt) y-o-y to 181.12 Mt, supported by stronger exports from non-GECF countries, GECF said.

As a result, the share of non-GECF countries and LNG re-exports in global LNG supply rose from 54.7 percent and 0.2 perecent in May 2025 to 64.6 percent and 0.5 percent in May 2026, respectively, while the share of GECF member countries declined from 45.1 percent to 34.9 percent.

The US, Australia, and Russia were the world’s largest LNG exporters during May, GECF said.