January 23, 2026 [Reuters]- Europe is expected to import a record amount of liquefied natural gas this year with global supply also expected to soar, the International Energy Agency said on Friday.

Since Russia’s invasion of Ukraine in 2022, the European Union has sought to slash its dependence on Russian energy and ramped up imports of LNG from other countries, particularly the United States.

Europe is expected to import a record 185 billion cubic metres of LNG in 2026, the IEA’s quarterly Gas Market Report showed, up from a previous record 175 bcm in 2025.

Global LNG supply is forecast to grow more than 7% in 2026, its fastest pace since 2019, with North America accounting for the vast majority of the 40 bcm increase, the agency said.

North American projects dominated new capacity in 2025, with global LNG supply rising almost 7%. The United States led investment activity, approving over 80 bcm of annual capacity, the report said.

“The unfolding LNG wave is set to have a central role in shaping global gas markets,” said Keisuke Sadamori, IEA Director of Energy Markets and Security, adding it would likely pressure prices downward while improving market liquidity.

Natural gas trading volumes and hub liquidity reached record highs in 2025 across all major markets, the IEA said.

In the United States, gas volumes traded on Henry Hub rose 8%, while in the European Union and Britain gas trade increased by an estimated 17%.

The IEA said geopolitical risks and weather conditions remain significant factors for global gas markets, requiring continued energy security vigilance.