LNG buyers are preparing to significantly reshape procurement strategies in response to disruption in the Strait of Hormuz, with greater supply diversification and stronger contractual protections emerging as key priorities, according to a new McKinsey survey.

The findings are based on a pulse survey conducted in April 2026 among 30 LNG buyers representing oil and gas companies, integrated energy firms, trading houses, and power and gas utilities across 14 countries.

Together, the markets surveyed account for around 80 per cent of global LNG demand.

Around 80 per cent of respondents expect their LNG procurement strategies to change because of the disruption, with roughly half anticipating incremental adjustments and the remainder expecting more structural changes.

Buyers in Asia indicated a greater likelihood of significant changes compared with their European counterparts.

One respondent said, “There is a shift from cost minimisation to prioritising security of supply.”

Geographic diversification emerged as the most widely planned response, cited by 93 per cent of respondents.

All respondents in China and other Asian markets, and 80 per cent of those in Europe, Japan and Korea, said they plan to increase the number of suppliers and diversify sourcing geographically over the next two to three years.

Flexibility, portfolio optimisation and stronger contractual protections are also expected to gain importance.

More than half of respondents, or 52 per cent, anticipate strengthening contractual protections, with force majeure provisions identified as the leading priority.

“We will revisit the terms and conditions of triggers of force majeure,” one respondent said, highlighting the growing focus on contractual safeguards.

Companies are also investing in physical resilience.

Some 66 per cent of respondents said businesses are increasing investment in measures including storage infrastructure, shipping, upstream equity, floating storage and regasification units, regasification capacity and interconnectors.

Despite the heightened volatility, LNG buyers remain relatively confident in their capabilities.

However, only 28 per cent globally consider their trading capabilities fully sufficient for the current level of volatility, while 25 per cent say the same of their risk management capabilities.

McKinsey said the findings point to a lasting shift in LNG procurement, with companies balancing cost considerations against security of supply, flexibility and resilience. -OGN/TradeArabia News Service