Europe is set to import more liquefied natural gas than ever in 2026, deepening its reliance on global energy markets as it works to refill depleted inventories and continue supplying gas to Ukraine, Bloomberg reports.
According to the International Energy Agency, the continent is expected to purchase more than 185 billion cubic meters of LNG this year, even as overall gas demand declines due to the continued expansion of renewables.
The shift underscores how Europe’s energy security strategy has permanently changed since losing most of its Russian pipeline gas following the invasion of Ukraine. LNG now supplies roughly half of Europe’s gas needs, with U.S. exporters dominating European imports as American supplies have become the backbone of the continent’s gas replacement strategy.
While this has helped Europe avoid shortages, it has also increased exposure to global price volatility, geopolitical disruptions and weather-driven demand swings. With Asia driving most global demand growth, tighter links between regional markets mean shocks in one area increasingly ripple worldwide, raising stakes for utilities, traders and energy-intensive industries.
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