Editor’s Note (March 2026): This article was originally published in January 2026 as an outlook piece covering projected LNG supply growth. It has been substantially updated in March 2026 to reflect the Ras Laffan attacks and force majeure declaration by QatarEnergy. The supply landscape has changed materially since first publication.
The lng storage 2026 outlook has been fundamentally rewritten by Iranian missile strikes on Ras Laffan Industrial City — the world’s largest LNG production facility. QatarEnergy suspended all LNG production on 2 March 2026 following the initial attack. Further strikes on 18–19 March caused extensive damage to multiple LNG facilities, triggering a force majeure declaration across Qatar’s entire LNG output and sending Brent crude above $111 per barrel.
The 2026 LNG Supply Wave — What Was Expected
Heading into 2026, the year was on course to deliver the largest single-year increase in global LNG liquefaction capacity on record. IEA data projected a 7% surge in global LNG supply, with IEEFA forecasting 57 MTPA of new capacity coming online — more than any previous year.
North America was the primary growth engine. US liquefaction capacity was projected to climb from 11.4 Bcf/d at the start of 2024 to 28.7 Bcf/d by 2029, with multiple projects ramping through 2026: Plaquemines LNG (~27 bcm/y at nameplate), Corpus Christi Stage 3 (14 bcm/y, final trains), Golden Pass (first train ~8 bcm/y), and LNG Canada (19 bcm/y). Qatar’s North Field East expansion — four trains totalling 44 bcm/y — was targeting its first train for mid-2026, with full ramp through 2027–28.
That supply wave was expected to soften global LNG prices through 2026 and 2027, easing pressure on European and Asian importers. The Ras Laffan attacks have inverted that scenario entirely.
Ras Laffan — Scale of the Damage
Ras Laffan is responsible for approximately 20% of global LNG supply. The 18–19 March strikes caused confirmed damage to LNG Trains 4 and 6, removing a combined 12.8 MTPA of capacity — 17% of Qatar’s total LNG exports. Train 4 is a QatarEnergy (66%) and ExxonMobil (34%) joint venture; Train 6 is QatarEnergy (70%) and ExxonMobil (30%).
The Shell-operated Pearl GTL facility was also damaged, with one of two gas-to-liquids trains offline for a minimum of one year. Associated product losses include condensates (–24%), LPG (–13%), naphtha (–6%), sulphur (–6%), and helium (–14%) of Qatar’s total export volumes. QatarEnergy CEO Saad al-Kaabi has confirmed a 3–5 year repair timeline; the company’s estimated annual revenue loss stands at $20 billion against an original construction cost of approximately $26 billion for the damaged units.
Force majeure has been declared on long-term LNG contracts with buyers in Italy, Belgium, South Korea, and China for up to five years. The effective closure of the Strait of Hormuz by Iran — through which almost all Ras Laffan output is shipped — compounds the supply disruption further. The North Field East expansion, originally targeting first production at end-2026, is now likely delayed; the IEA has flagged the extent of that delay as uncertain as of mid-March. Full damage reporting via CNBC/Reuters.
LNG Storage 2026 — What the Disruption Means for Operators
No spare global LNG production capacity exists — all operational plants are running at maximum utilisation, according to Wood Mackenzie analyst Tom Marzec-Manser. The immediate pressure falls on the storage side of the supply chain: European operators face a compressed summer filling window against sharply higher spot LNG prices, while Asian importers — South Korea and China in particular — are now in the spot market for volumes previously covered by long-term Qatar contracts.
South and Southeast Asian nations relying on spot LNG, including Pakistan and Bangladesh, are already rationing energy. European power generators have begun switching back to coal to offset the shortfall. Floating Storage and Regasification Units (FSRUs) have risen sharply in strategic value; European assets are candidates for redeployment or emergency contracting. US Gulf Coast terminal operators — including Vopak and IMTT — are now positioned as swing supply handlers as global buyers redirect volumes toward North American export facilities.
The Infrastructure Equation — Regasification and Storage in a Supply Shock
Storage capacity at LNG receiving terminals has become a strategic chokepoint. Import terminals in Northwest Europe and Northeast Asia — the primary destinations for displaced Qatar volumes — are under pressure to maximise send-out rates and retain peak storage headroom. The UK’s position is particularly exposed, given record low domestic gas production and a reliance on LNG imports to supplement pipeline supply.
The ENTSOG winter gas supply assessment, published before the Ras Laffan attacks, had indicated adequate European storage levels for the season ahead. That calculus has shifted. The EU’s previously confirmed winter preparedness now requires reassessment against a multi-year Qatar supply gap rather than a short-term disruption. Regasification slot allocation, storage injection scheduling, and FSRU deployment decisions are now front-of-queue operational priorities for European terminal managers.
US LNG Producers and the New Supply Calculus
The US Gulf Coast projects ramping through 2026 — Plaquemines, Golden Pass, and Corpus Christi Stage 3 — now carry a strategic weight that was not anticipated when they were sanctioned. The supply glut that was projected to suppress prices through 2027 has been replaced by a supply gap that makes every additional bcm of US capacity commercially and geopolitically significant.
For lng storage 2026 infrastructure planning, this means that US export terminal capacity additions are no longer measured against a softening market — they are measured against a supply void that will persist, at minimum, through the duration of the Ras Laffan repair programme. LNG Canada’s ramp to full capacity and Plaquemines’ nameplate production schedule are now watched more closely by European and Asian buyers than by their respective project developers.
The original thesis of this article — that 2026 would bring a supply wave requiring storage infrastructure to absorb unprecedented volume — remains partially correct. The infrastructure investment case is unchanged. What has changed is that the pressure is now on the import and storage side, not the export side. Storage capacity at receiving terminals, FSRU availability, and regasification throughput are the binding constraints in a market that has moved, abruptly, from anticipated oversupply to confirmed shortage.
What happened to Qatar’s LNG production in March 2026?
Iranian missile strikes hit Ras Laffan Industrial City on 2 March and again on 18–19 March 2026. QatarEnergy suspended all LNG production following the initial attack. The March 18–19 strikes caused extensive damage to multiple LNG facilities, prompting a force majeure declaration across Qatar’s entire LNG output.
How much LNG capacity has Qatar lost following the Ras Laffan attacks?
LNG Trains 4 and 6 at Ras Laffan sustained confirmed damage, removing a combined 12.8 MTPA of production capacity. This represents approximately 17% of Qatar’s total LNG exports. QatarEnergy CEO Saad al-Kaabi has confirmed a repair timeline of 3–5 years.
Which countries are affected by QatarEnergy’s force majeure declaration?
QatarEnergy has declared long-term force majeure on LNG supply contracts with buyers in Italy, Belgium, South Korea, and China, with the declaration covering up to five years. Buyers in these markets must now source replacement volumes from the spot market or alternative suppliers.
How does the Ras Laffan attack affect European LNG storage in 2026?
European storage operators face a compressed summer filling window against sharply higher spot LNG prices. The effective removal of up to 12.8 MTPA of Qatari supply — combined with the closure of the Strait of Hormuz — reduces available import volumes significantly. Regasification capacity and FSRU deployment have become immediate operational priorities for European terminal operators.
Which LNG projects are still ramping up capacity in 2026 despite the Qatar disruption?
US Gulf Coast projects continue to ramp: Plaquemines LNG (nameplate ~27 bcm/y), Corpus Christi Stage 3 (14 bcm/y, final trains), and Golden Pass (first train ~8 bcm/y). LNG Canada (19 bcm/y) is also scaling toward full capacity. Qatar’s North Field East expansion — originally targeting first production end-2026 — is now likely delayed, with the extent of that delay unconfirmed as of mid-March 2026.