Shell said in its 2026 LNG Outlook that global LNG supply is expected to be flat y/y in 2026 as Middle East conflict disrupts shipments, breaking more than a decade of growth. The report assumes the Strait of Hormuz will reopen this summer; if the strait remained closed for several weeks, roughly one-fifth of global exports could face a rare annual contraction. Even if passage is restored, Shell warned LNG facilities would need six to eight weeks to restart and ramp output. As the world’s larges

Shell said in its 2026 LNG Outlook that global LNG supply is expected to be flat y/y in 2026 as Middle East conflict disrupts shipments, breaking more than a decade of growth. The report assumes the Strait of Hormuz will reopen this summer; if the strait remained closed for several weeks, roughly one-fifth of global exports could face a rare annual contraction. Even if passage is restored, Shell warned LNG facilities would need six to eight weeks to restart and ramp output. As the world’s largest LNG trader, Shell expects supply growth to resume in 2027. Vitol and the IEA, by contrast, see supply‑demand tightness possibly lasting about two years.