Doha-based GECF said Europe drove the “strong increase in global LNG imports, while Asia also had a notable import contribution.”
The premium of the TTF gas price over the Asian spot LNG price continued to support the flow of flexible US LNG cargoes into Europe, as deliveries to Europe provided higher netbacks than shipments to Asia, it said.
For the period January to February 2026, global LNG imports increased by 12 percent (8.8 Mt) y-o-y to 81.27 Mt, driven mainly by stronger imports in Asia and Europe, GECF said.
European LNG imports reach new record
In February 2026, Europe’s LNG imports reached a record high of 14.21 Mt, up 20 percent (2.34 Mt) y-oy, even though it is the shortest calendar month, according to GECF.
GECF said this marks the first time the region’s monthly LNG imports exceeded 14 Mt.
The increase was supported by stronger intra-regional trade in regasified LNG, lower domestic gas production, and reduced gas storage levels.
At the country level, higher imports in Belgium, Germany, Greece, Italy, Lithuania, the Netherlands, Poland, Spain, and the United Kingdom more than offset lower imports in France.
For the period January to February 2026, Europe’s LNG imports totalled 28.13 Mt, representing an increase of 18 percent (4.24 Mt) y-o-y.
Asia Pacific LNG imports up
GECF said that Asia’s LNG imports stood at 21.81 Mt last month, representing an increase of 6.2 percent (1.28 Mt) y-o-y, marking the fourth consecutive monthly y-o-y increase.
South Korea drove the increase in LNG imports in the region while Bangladesh, Japan, and Thailand contributed to a lesser extent, together offsetting a decline in China, GECF said.
The increase in South Korea’s LNG imports compared with a year earlier was driven by LNG
restocking of reduced inventories after colder weather in January 2026.
Similarly, higher gas consumption in the power sector, combined with LNG restocking, supported stronger LNG imports in Japan, GECF said.
In Bangladesh, stronger spot LNG demand amid declining domestic gas production boosted imports.
Higher LNG imports in Thailand reflected lower pipeline gas imports and increased gas use for power generation, GECF said.
Conversely, China’s LNG imports fell to a multi-year low due to weaker gas consumption during the extended Lunar New Year holiday period, ample gas and LNG inventories, as well as rising domestic gas production, it said.
For the period January to February 2026, Asia’s LNG imports grew by 7.7 percent (3.4 Mt) y-o-y to reach 48.09 Mt.
Latin America and MENA
GECF said that LNG imports in the Latin America and the Caribbean region “remained broadly stable at 0.74 Mt.”
Within the region, El Salvador and Panama recorded higher LNG imports, while imports declined in Chile, the Dominican Republic, and the United States Virgin Islands.
Higher LNG imports in El Salvador and Panama were supported by stronger deliveries from
Nigeria and the US, respectively.
In Chile, lower LNG imports likely reflected stronger pipeline gas imports from Argentina, while the decline in the Dominican Republic was linked to reduced LNG imports from the US, GECF said.
Meanwhile, lower LNG imports into the USVI reflected reduced use as an LNG break-bulking hub in the Caribbean.
For the period January to February 2026, LAC’s LNG imports fell by 4.7 percent (0.09 Mt) y-o-y to 1.82 Mt, GECF said.
On the other hand, LNG imports in the MENA region stood at 1.18 Mt, up 32 percent (0.28 Mt) y-o-y.
GECF said Egypt accounted for most of the increase, caused by lower domestic gas availability, which more than offset a sharp decline in Kuwait’s LNG imports.
Kuwait’s LNG imports fell to a multi-year low, with only one LNG cargo received from Qatar.
For the period January to February 2026, MENA’s LNG imports rose by 48 percent (0.79 Mt) y-o-y to 2.43 Mt.
LNG exports continue to surge
In February 2026, global LNG exports continued to surge, rising by 14 percent (4.66 Mt) y-o-y to 37.78 Mt, GECF said.
Non-GECF countries accounted for the bulk of the incremental increase, while GECF member countries and LNG re-exports contributed to a lesser extent.
For the period January to February 2026, global LNG exports jumped by 15 percent (10.25 Mt) y-o-y to 80.20 Mt, driven by stronger exports from both GECF and non-GECF countries.
GECF said the stronger increase in LNG exports from non-GECF countries drove its share in global LNG exports higher from 53.2 percent in February 2025 to 56.4 percent in February 2026.
Meanwhile, the share of GECF member countries declined from 46 percent to 42.4 percent, while the share of re-exports edged higher from 0.8 percent to 1.2 percent respectively.
GECF said the US, Qatar, and Australia maintained their top position in LNG exports during the month.
