India’s Record LNG Buying Meets Record-High Prices

India has spent years bringing more households and businesses onto its gas networks. Now, with domestic production declining, supplying those customers means buying more LNG from a market where prices have tripled in a year. Imports are nevertheless heading for a record this October. India's LNG supply mix has changed a lot since the US-Iran war began in late February 2026.

9 million tonnes of LNG imports in 2025. Its near-disappearance from the market drove a steep decline in Indian imports during the spring months, only for US cargoes to step in, covering around 1/3 of monthly arrivals through September. The gradual restoration of Gulf flows in September, albeit still vulnerable to security disruptions, broadened India's options.