India’s Record LNG Buying Meets Record-High Prices

AI Summary

India is on track to import a record volume of LNG in October as domestic gas production declines and demand from newly connected households and businesses grows. Imports are becoming more expensive, with prices tripling over the past year and disruptions to the supply mix following the US-Iran war.

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. Qatar previously supplied roughly 45% of India’s 24.9 million tonnes of LNG imports in 2025. Its near-disappearance from the market drove a steep decline in Indian…