Drill, baby, drill turns crash, baby, crash

Thursday 8 January 2026

Readers will be well aware of the looming global LNG glut.

Global LNG output rose 6% in 2025 and is expected to grow for at least another four years on the back of record-setting investment in new facilities.

This year alone, two giant projects — Golden Pass in Texas and a major expansion in Qatar — are due to start production. Once fully ramped up, they will add supply equivalent to roughly 11% of global exports.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.