The surge in activity involves six major Indian entities, with IndianOil leading the charge by signing for 4.7 MTPA. Other significant commitments came from GAIL, GSPC, Torrent Power, BPCL, and HPCL. This buying spree mirrors a broader global trend, as 2025 saw 83 long-term sales and purchase agreements signed worldwide—nearly double the volume recorded the previous year. Industry analysts suggest this indicates a strategic alignment between importers hungry for energy security and liquefaction projects desperate for final investment decisions.

Market stability remains fragile, however, as the industry grapples with the fallout from regional conflicts. The March missile strikes targeting Qatari infrastructure have highlighted the vulnerability of the Strait of Hormuz, forcing global buyers to rethink supply chains. GIIGNL warns that Atlantic and Pacific supply alternatives are insufficient to fully bridge the gap left by missing Qatari cargoes, leaving Asian markets particularly exposed to price volatility and potential shortages.