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March 2026

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Editorial comment

The Olympic Winter GamesTM came to an end after 17 days in Milano Cortina. This year saw more than 3500 athletes from 93 countries compete for 195 medals in 16 Olympic disciplines and six Paralympic sports.1

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Norway topped the Olympic medal table with a total of 41 (18 gold, 12 silver, and 11 bronze), with the US placing second in the overall rankings.2 Team USA made history, surpassing the nation’s all-time Olympic Winter Games gold medal record with 12, beating the previous record of 10 gold medals set in Salt Lake City in 2002. Its total of 33 medals also beat its previous record for an Olympic Winter Games held outside of North America of 28 (Sochi 2014).3 It also means the US has secured gold at every Winter Olympics since 1924.4

10 years after the first LNG cargo left Cheniere’s Sabine Pass terminal on 24 February 2016, US LNG exports are still on the rise, and the country is now the world’s largest exporter, ahead of Australia and Qatar. There are several reasons for this increase in US LNG exports: abundant natural gas reserves, flexible LNG export contracts (especially compared to many other LNG-exporting countries), and increased international demand. Prior to the war in Ukraine, most of the US’ LNG exports went to Asia, averaging 46% from 2017 – 2021. Following Russia’s invasion, exports to Europe drastically increased as the continent looked to diversify its energy mix and reduce dependence on Russian gas.5

At the European Parliament plenary debate on urgent actions to revive EU competitiveness, President Ursula von der Leyen said: “A competitive Europe can only be an independent Europe. Today, dependencies are at risk to become weapons of coercion.”6 As highlighted in a recent IEEFA webinar,7 there is a risk that the more Europe relies on one source of energy, the more likely the continent is going to also be dependent on any associated geopolitical concerns.

Although dependence on Russian LNG as decreased from 151 billion m3 in 2021 to 37 billion m3 in 2025, Europe has subsequently increased its reliance on US LNG (up from 21 billion m3 in 2021 to 81 billion m3 in 2025, an almost fourfold increase).7 Focusing on Belgium in particular, imports of American LNG hit a record high in 2025 according to data from Belgium’s Federal Public Service Economy – in 2025, 55.5 TWh of LNG were unloaded at the Zeebrugge terminal, a significant increase from 14.1 TWh in 2024 and 26.6 TWh in 2023 (over a 50% increase on what was the previous record from 2023) as a result of efforts to reduce reliance on Russian gas.8 With the EU ban on short-term LNG and pipeline contracts in 2026, and a ban on Russian gas imports by 2027, Europe will be sure to look to further diversify its energy mix, whether that be with imports from other LNG-producing regions, renewables, or another method, in addition to (or possibly to displace some of) the increase in US LNG imports so as to remain “competitive”.

In this issue, D.TRADING’s article examines how attacks on infrastructure have reshaped Ukraine’s gas and power balance, and why US LNG has emerged as a strategic stabiliser. The article outlines the growing role of US LNG, supported by new regional corridors, and how this is helping the country open a northern supply route, as well as integrate the Baltic and Mediterranean markets. Another big exporter, Rystad Energy provides an overview of the role Australian LNG has to play in an ever-evolving market and a reliable supply to Asia’s largest economies.

References

  1. ‘How many countries will participate in the Winter Olympics 2026?’, Olympics: Milano Cortina 2026, https://support.olympics.com/hc/en-gb/articles/43002339567763-How-many-countries-will-participate-in-the-Winter-Olympics-2026
  2. ‘Medal Table’, Olympic Winter Games, www.olympics.com/en/milano-cortina-2026/medals
  3. ‘A golden games: Team USA sets record with 12 gold medals at Olympic Winter Games Milano Cortina 2026’, United States Olympic and Paralympic Committee, (22 February 2026), www.usopc.org/news/2026/february/22/a-golden-games-team-usa-sets-record-with-12-gold-medals-at-olympic-winter-games-milano-cortina-2026
  4. JENKINS, K., ‘U.S. Winter Olympics gold medal table: Live results’, ESPN, (22 February 2026), www.espn.co.uk/olympics/story/_/id/47767707/winter-olympics-results-us-gold-medals-event
  5. ‘Ten years after first Sabine Pass cargo, U.S. LNG exports are still on the rise’, U.S. Energy Information Administration, (24 February 2026), www.eia.gov/todayinenergy/detail.php?id=67224
  6. ‘Speech by President von der Leyen at the European Parliament plenary debate on urgent actions to revive EU competitiveness, deepen the EU Single Market and reduce the cost of living – from the Draghi report to reality’, European Commission, (11 February 2026), https://ec.europa.eu/commission/presscorner/detail/el/speech_26_376
  7. ‘North American LNG – A Global Discussion’, IEEFA, (18 February 2026), www.youtube.com/watch?v=Hp9XTLOo0mU
  8. ‘Belgium imported a record amount of American gas in 2025’, The Brussels Times with Belga, (25 February 2026), https://www.brusselstimes.com/belgium/1990403/belgium-imported-a-record-amount-of-american-gas-in-2025

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