According to Natural Gas Statistics, Natural gas is a fossil fuel composed primarily of methane (CH4), along with smaller amounts of other hydrocarbons such as ethane, propane, and butane.
It is a versatile and abundant energy source that is used for various purposes, including heating, electricity generation, industrial processes, and transportation.
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- The Natural Gas Generator market was valued at USD 7.29 Billion in 2021. This growth rate will be 8.2% in the forecast period.
- EIA forecast that natural gas production will average around 103 Bcf/d in the second half of 2023 and 2024, staying quite close to record levels for much of the remainder of the forecast period.
- As of 2021, the world’s proven natural gas reserves were estimated at approximately 196.7 trillion cubic meters.
- In 2020, the world produced around 4,116 billion cubic meters (bcm) of natural gas.
- The United States was the largest natural gas producer in the world in 2020, with a production of 948 bcm.
- The United States was the largest natural gas consumer globally in 2020, with a consumption of 846 bcm.
- In 2020, Russia was the largest exporter of gas, exporting approximately 200 bcm.
- In 2020, Japan was the largest natural gas importer, importing around 103 bcm
- The average global natural gas price in 2020 was $2.45 per million British thermal units (MMBtu).
- Natural gas accounted for about 23.7% of global electricity generation in 2020
- Natural gas emits around 50-60% less carbon dioxide (CO2) compared to coal when used for electricity generation.
Natural Gas Key Statistics 2023
- The average monthly spot gas price at the U.S. benchmark Henry Hub fell 34%, or $1.12/MMBtu, from January to June 2023, reaching an average of $2.18/MMBtu in June.
- Prices averaged below $2.50/MMBtu from February to June, the lowest average monthly Henry Hub price since June 2020.
- Natural gas prices for the first half of 2023 are down 62%, or $3.96/MMBtu, compared to the first half of 2022 (when adjusted for inflation).
- Warmer-than-average temperatures in the Lower 48 states resulted in fewer population-weighted heating degree days (HDDs) in January and February 2023 compared to the five-year average.
- Lower HDDs led to lower gas consumption for space heating and lower storage inventory withdrawals.
- Overall U.S. gas consumption averaged 103.0 Bcf/d between January and March 2023, a decrease of 1.9 Bcf/d compared to the same period in 2022.
- Dry natural gas production in the first six months of 2023 increased by an estimated 6.2 Bcf/d compared to the previous year.
- Storage inventories in the Lower 48 states at the end of the withdrawal season (October 31–March 31) were 19% (294 Bcf) above the five-year average (Source: EIA’s Weekly Gas Storage Report).
- Storage inventories have remained well above the five-year average during the summer injection season (April 1–October 31), due to mild temperatures and high levels of dry natural gas production.
Global Natural Gas Reserves Statistics
- As of 2021, the world’s total proven natural gas reserves were estimated to be approximately 196.7 trillion cubic meters (TCM).
- Russia: Russia has the largest proven gas reserves in the world, estimated at around 38.3 Tcm.
- Iran: Iran holds the second-largest gas reserves globally, with approximately 32.6 Tcm.
- Qatar: Qatar ranks third in terms of gas reserves, with around 24.7 Tcm.
- United States: The United States holds significant natural gas reserves, estimated at approximately 12.9 Tcm.
- Saudi Arabia: Saudi Arabia has substantial gas reserves, estimated at around 10.6 Tcm.
- As of 2022, global natural gas reserves amounted to approximately 202 trillion cubic meters.
- Conventional gas reserves accounted for the majority, representing 94% of the total volume.
- Within the unconventional reserves, shale gas accounted for 86% of the total unconventional volume.
Global Natural Gas Production Statistics
- Global gas production increased by 4.3% in 2021 but remained stable in 2022 due to lower gas demand.
- Russia experienced a significant decline in gas production, with a decrease of 12% in 2022, primarily driven by lower exports to Europe.
- However, the decline in Russia’s production was offset by higher gas output in other regions, including North America, the Middle East, China, and Australia.
- North America witnessed growth in gas production by 4.8% in 2022, with the United States contributing to a 4.3% increase and Canada to a 7.3% increase.
- China experienced a 6% increase in gas production, while Australia saw a notable rise of 7.3%.
- Gas production in the Middle East also showed positive growth, with a 3.2% increase.
- In Latin America, gas production grew by 3.7%, primarily driven by the development of the Vaca Muerta field in Argentina and growth in Mexico.
- However, Brazil experienced a nearly 7% drop in gas production due to a significant decline in gas consumption.
- In Europe, the Netherlands observed a continuous decrease in gas production with a decline of 15% in 2022, contributing to a 7.6% drop in EU gas production.
- On the other hand, Norway and the United Kingdom offset part of the decline in the EU with higher gas output.
- Gas production in Africa also declined by 4.8%, with lower output in Algeria, Egypt, and Nigeria.)
Top Natural Gas Exporting Countries
Russia
- Gas Exports: Approximately 220 billion cubic meters (bcm) per year.
- Major Export Markets: Europe, particularly Germany, Turkey, Italy, and the United Kingdom.
Qatar
- Gas Exports: Approximately 110 bcm per year.
- Major Export Markets: Asia, particularly Japan, South Korea, China, and India.
United States
- Gas Exports: Approximately 90 bcm per year.
- Major Export Markets: Mexico, Canada, Japan, South Korea, and several European countries.
Australia
- Gas Exports: Approximately 70 bcm per year.
- Major Export Markets: Japan, China, South Korea, and various Southeast Asian countries.
Norway
- Gas Exports: Approximately 120 bcm per year.
- Major Export Markets: Europe, particularly the United Kingdom, Germany, France, and Belgium.
Canada
- Gas Exports: Approximately 40 bcm per year.
- Major Export Markets: The United States, particularly for pipeline exports.
Netherlands
- Gas Exports: Approximately 40 bcm per year.
- Major Export Markets: European countries, particularly Germany, Belgium, and France.
Turkmenistan
- Gas Exports: Approximately 40 bcm per year.
- Major Export Markets: China, Iran, and Russia.
Algeria
- Gas Exports: Approximately 50 bcm per year.
- Major Export Markets: Europe, particularly Italy, Spain, and France.
Malaysia
- Gas Exports: Approximately 25 bcm per year.
- Major Export Markets: Japan, South Korea, and various Southeast Asian countries.
Largest LNG Exporters Worldwide (July 2022)
- Australian liquefied natural gas export terminals had a combined capacity of 87.6 million metric tons per year in 2022.
- The combined capacity of Qatar’s liquefied gas export terminals reached 77.4 million metric tons per year as of 2022.
- In 2022, the United States had liquefied gas export terminals with a combined capacity of 73.9 million metric tons per year.
- Malaysia’s liquefied natural gas export terminals had a combined capacity of 21.5 million metric tons per year as of 2022.
- As of 2022, Algeria’s liquefied gas export terminals had a combined capacity of 29.3 million metric tons per year.
- Russia’s liquefied gas export terminals had a combined capacity of 28.9 million metric tons per year as of 2022.
- The combined capacity of Nigeria’s liquefied natural gas export terminals amounted to 23 million metric tons per year in 2022.
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