India's Record LNG Imports Collide with Tripled Prices as Qatar Supply Drops

India is set to hit record LNG imports in October 2026 despite prices tripling year-on-year, driven by declining domestic production and expanded gas network demand. Qatar, which supplied ~45% of India's 2025 LNG imports, has nearly disappeared from the market following the US-Iran war, forcing India to source from costlier suppliers. The combination of record import volumes and high prices signals a structural shift in India's energy security and a potential drag on its trade balance.

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