International markets for natural gas — fragmented regionally and with differing price-setting mechanisms — are undergoing profound changes. The foundation is being laid for the emergence of a more globally integrated gas market, and the rapid expansion of the seaborne liquified natural gas (LNG) trade, which has forged links between distant markets, is a major reason why. Qatar — an LNG powerhouse — has dominated the Asia Pacific market, the world’s largest LNG-importing region. However, the Asian market is in a state of flux, as is the entire global LNG sector. This article explores the major changes taking place in international LNG markets, with particular attention to how Qatar is being affected by, and is adapting to them.