In a volatile and unstable economic and geopolitical context, global natural gas consumption grew at a modest rate of 0.7% to 4181 bcm in 2025, translating to around 31 bcm of additional consumption, according to Cedigaz first estimates. This represents a notable slowdown in natural gas demand growth from 2024, when it surged by 2.7%. In the first half of the year, high spot LNG prices, weak industrial activity in price-sensitive sectors and unseasonably mild weather across Northeast Asia weighed on natural gas demand. However, natural gas demand accelerated during the second half of the year amid easing market conditions due to a pronounced rebound of LNG supply. Indeed, the year 2025 marked the biggest jump in LNG supply since 2019. Thanks to the strong expansion of flexible LNG, driven by the United States, natural gas markets are increasingly intertwined with broader global security challenges. Spot LNG price signals played a crucial role in the reorientation of LNG cargoes from Asia to Europe. The European gas supply is increasingly dependent on flexible LNG supply to replace piped volumes lost from Russia and replenish storage ahead of winter. The year 2025 emphasized the key role of natural gas in the electricity sector for balancing out renewable energy sources in both emerging and advanced economies.
Natural Gas Market
Seasonal Strength, Structural Risk: Russia’s LNG Position in China (and the U.S. Variable)
By Irina Mironova for Cedigaz
Russia’s gas trade with China continued to evolve in 2025, demonstrating a growing structural reliance on the Chinese market across both pipeline and LNG channels. While recent political signals – including the Power of Siberia 2 memorandum at the SCO Summit and the direct deliveries from Arctic LNG 2 to China’s Beihai LNG terminal – attracted considerable attention, the underlying trade data point to a more nuanced picture. China’s LNG imports from Russia rose seasonally in September, in line with typical autumn patterns rather than representing a record-breaking surge, and cumulative LNG deliveries over January–October remained lower year-on-year. This dynamic highlights an increasingly asymmetric relationship: Russia is becoming more dependent on China to absorb redirected pipeline gas and discounted LNG, whereas for Beijing, LNG continues to serve a flexible balancing role, with limited structural growth in underlying demand.
Türkiye’s Balancing Act: Between Pipelines and LNG in a Re-shaped European Gas Landscape
By Irina Mironova for Cedigaz
As Europe’s gas market recalibrates after three years of upheaval, Türkiye is positioning itself as both a physical and commercial hub. A combination of robust pipeline inflows, moderate LNG demand, and a steady expansion of trading and storage capacity supports Ankara’s ambition to anchor regional gas flows.