Japan is projected to overtake China as the world's largest importer of liquefied natural gas this year for the first time since 2022. Consultancies ICIS and Kpler report that elevated spot prices and elevated domestic storage levels in China have constrained Chinese purchases. The shift comes alongside disruptions to Asian LNG demand following halts to shipments from the United Arab Emirates and Qatar.
Brent crude climbed past $102 per barrel on October 2, 2026, driven by Strait of Hormuz transit concerns and fuel export suspensions by Chinese refiners. Middle East crude exports recovered to 17.5 million barrels per day, while refined product shipments remained constrained at 58% of pre-disruption levels.
State-owned QatarEnergy has extended force majeure notices on liquefied natural gas deliveries to Italian utility Edison and Asian buyers due to continued transit disruptions in the Strait of Hormuz. Deliveries to Edison are suspended until early December, while Asian clients in Bangladesh and Pakistan face cancellations through November. Data from ICIS shows Qatari LNG exports fell to 18 cargoes through end-August 2026, compared to 509 in the same period last year.
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