As part of the LNG2026 conference, Cristian Signoretto, global head of natural gas and LNG and LNG at Eni, warned that the international liquefied natural gas market will face a year of contained tensions. Although a fine balance between supply and demand is expected, extreme weather conditions could upset that balance, especially in key regions such as Europe and Asia.
Balanced LNG market: risk under climate pressure
Europe starts the year with limited storage levels. For Eni, this situation requires a resupply effort during the summer, with a view to avoiding a crisis next winter.
The continent remains heavily dependent on imports from the United States, which displaced Russian supplies following the geopolitical shift of recent years.
The logistical efficiency of U.S. cargoes has made the Atlantic an essential energy route for Europe. By 2025, LNG imports LNG imports from the U.S. exceeded 59 million tons, nearly quadrupling 2021 levels.
Asia and China revive demand
On the other hand, the upturn in Asian consumption, especially in China, will contribute to maintaining pressure on the market. After a drop in LNG use during 2025, a gradual recovery is expected thanks to more moderate prices.
If values per million British thermal units (mmBtu) fall below $10, this would open up scope for new demand in Southeast Asia and the Middle East.
Strategic target: 20 mtpa by 2030
Eni has defined a plan to reach 20 million metric tons per year (mtpa) of contracted LNG by 2030. Currently, it still has about 7 mtpa to add to its portfolio.
The company plans to cover most of this volume with its own production from Mozambique, Congo, Indonesia and Cyprus, while the remainder will come from third parties.
Risk of imbalance in the event of extreme events
Despite the apparent stability projected for 2026, Signoretto noted that any unusual weather event could critically strain supply. Everything from cold snaps in winter to excessively hot summers in Asia or Europe could disrupt storage plans.
For now, Eni’s strategy is to consolidate its production and supply network in areas with direct access to key markets, strengthening its position in the face of highly volatile global scenarios.
Source and photo: Reuters