The IEA forecasts a 3% fall in global LNG supply this year, nearly 20 billion cubic meters, the steepest annual decline on record, as Hormuz shipping disruptions and Iranian attacks curtail Qatar and UAE exports. Non-Gulf production rose 14% from March to October, offsetting about two-thirds of lost Gulf supply, but global LNG output still fell about 6% during the war. EU storage is entering the 2026-27 heating season at its lowest since 2013, and Europe may need significantly more LNG next summer to rebuild reserves. Global gas demand is expected to fall about 1.5% this year.
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