Korea’s North American LNG Imports Double as Middle East Supply Falls

South Korea’s imports of liquefied natural gas from North America more than doubled in the first nine months of 2026, while shipments from the Middle East fell sharply as prolonged regional conflict disrupted traditional supply routes.

Data from the Korea International Trade Association showed that the country imported 32.87 million metric tons of LNG between January and September, down 6.4 percent from the same period a year earlier. Within that total, North American supplies rose 102.9 percent to 7.82 million tons.

Imports from the United States increased 41.7 percent to 4.85 million tons, while shipments from Canada surged 587.6 percent to 2.97 million tons. By contrast, imports from the Middle East declined 66.2 percent to 2.42 million tons.

The contraction was especially pronounced for Qatar, previously Korea’s third-largest LNG supplier after Australia and Malaysia. Qatari shipments dropped 68.6 percent to 1.7 million tons, with no imports recorded in April through June or in August and September.

The government has said it secured replacement volumes from the United States and Southeast Asia to address disruption to Middle Eastern supplies. The shift underscores Korea’s effort to diversify energy sources, but it comes as winter demand and uncertainty over a return to normal global supply conditions add pressure to the market.

Regional benchmark prices have already moved higher. According to the Korea Energy Economics Institute, the East Asian JKM benchmark rose 15.2 percent month on month in August to $22 per million British thermal units. Europe’s TTF benchmark increased 17.1 percent to $21.20 over the same period.

The changing import pattern is also feeding debate over whether Korea should participate in the proposed Alaska LNG project. Industry Minister Kim Jung-kwan told lawmakers this month that the project had gained strategic value because of the Middle East conflict and transport complications affecting Gulf Coast cargoes. The government has not committed to an investment and has continued to stress that commercial viability must be established.

Cost remains a central concern. The Alaska project’s local sponsor has estimated expenses of $44.5 billion to $54.5 billion, according to a Reuters report cited by Yonhap, while permitting delays and labor shortages could create additional risks.

Korean officials are continuing discussions with the United States on ways to improve the project’s economics. Any decision will need to balance supply security against construction costs, purchase terms and the financial returns available to Korean participants.