US becomes India's largest LNG supplier as Qatar's share slumps 91% during May-July: Report

The United States has overtaken Qatar to become India's largest supplier of liquefied natural gas (LNG), marking a significant shift in the country's import mix as buyers diversify sourcing amid changing global market dynamics. According to Equirus Securities, LNG imports from Qatar plunged 91% year-on-year during May-July 2026, while supplies from the US surged sharply.

India imported 7.08 million tonnes (MT) of LNG during the three-month period, up 15% from a year earlier, according to Equirus Securities' latest report, Natural Gas Compass | Monthly Edition: Consumption Returns to Pre-War Normal. The report noted that India's LNG import basket has increasingly shifted towards the US, Africa and non-Qatari Middle East suppliers, reducing its immediate dependence on Qatar.

The US supplied 2.19 MT of LNG during May-July, registering a 253% year-on-year increase to emerge as India's largest supplier. Nigeria followed with 1.31 MT (+124%), while Oman supplied 1.22 MT, recording the sharpest growth among major suppliers at 341%. Angola contributed 0.80 MT, while UAE shipments declined 34% to 0.55 MT. Qatar's supplies fell to just 0.23 MT, down 91% from the year-ago period.

India's LNG Imports (May–July 2026)

India's natural gas consumption

The report also highlighted a recovery in India's natural gas consumption. Total gas demand rose to 197 million metric standard cubic metres per day (mmscmd) in June, up 7% month-on-month and 2% year-on-year. Ex-power demand increased to 176 mmscmd, approaching pre-disruption levels.

LNG consumption climbed to 110 mmscmd, registering growth of 13% over May and 10% from a year earlier, while domestic gas consumption remained stable at 87 mmscmd. As a result, import dependence stood at 56%, underlining the growing role of imported LNG in meeting India's energy needs.

The recovery in gas demand was broad-based across sectors. City Gas Distribution (CGD) remained the largest consumer at 58 mmscmd, followed by the fertiliser sector at 55 mmscmd and miscellaneous industries at 41 mmscmd. Gas demand from the power sector improved to 21 mmscmd, while refineries consumed 15 mmscmd. Petrochemical demand recovered to 7 mmscmd, although it remained 48% lower than a year ago.

LNG imports

India also maintained healthy LNG imports despite elevated global prices. LNG berth arrivals stood at 2.4 MT in May and 2.3 MT in June, taking first-quarter FY27 arrivals to 6.2 MT. Provisional data showed arrivals of 2.1 MT in July.

Globally, the report noted that China's LNG imports have moved above seasonal averages after a subdued start to the year, increasing competition for flexible cargoes. Meanwhile, European gas storage stood at 58%, below historical averages ahead of winter, while Asian spot LNG prices remained above USD 20 per mmbtu.

Equirus expects India's gas demand to remain strong in July at levels similar to or marginally below June due to softer power demand, before moderating in August because of lower demand from Morbi and seasonal factors.