Natural Gas Statistics 2024 By Reserves, Production, Consumption

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.

Editor’s Choice

• The Global Natural Gas Generator Market size is expected to be worth around USD 26 Billion by 2033, from USD 8.8 Billion in 2023, growing at a CAGR of 11.4% during the forecast period from 2024 to 2033.
• 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 natural 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.

(Source: International Energy Agency – IEA, US Energy Information Administration, International Gas Union)

Natural Gas Key Statistics 2023

• The average monthly spot natural 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 natural gas consumption for space heating and lower storage inventory withdrawals.
• Overall U.S. natural 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.
• 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.

(Source: EIA’s Weekly Natural Gas Storage Report).

Natural Gas Statistics – Gas Reserves

• 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 natural gas reserves in the world, estimated at around 38.3 Tcm.
• Iran: Iran holds the second-largest natural gas reserves globally, with approximately 32.6 Tcm.
• Qatar: Qatar ranks third in terms of natural 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 natural gas reserves, estimated at around 10.6 Tcm.
• As of 2022, global natural gas reserves amounted to approximately 202 trillion cubic meters.
• Conventional natural 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.

(Source: BP Statistical Review of World Energy 2021, Statista)

Natural Gas Statistics – Gas Production

• 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’s 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.

(Source: Enerdata)

Global Natural Gas Consumption Statistics

• Global natural gas consumption in 2023 is projected to rise by around 1% year on year, with growth being driven by the US, China, and some emerging markets in Asia-Pacific.
• In 2022, the world consumed approximately 4,072 billion cubic meters (bcm) of natural gas.
• The United States was the largest natural gas consumer in the world in 2020, with a consumption of approximately 846 bcm (IEA).
• China ranked second in terms of natural gas consumption, with a consumption of around 329 bcm in 2020 (IEA).
• Russia was among the top natural gas consumers, with a consumption of about 200 bcm in 2020.
• The European Union (EU) as a whole consumed approximately 512 bcm of natural gas in 2020.

(Source: S&P Global, International Energy Agency – IEA)

Top Natural Gas Exporting Countries

Russia

• Natural Gas Exports: Approximately 220 billion cubic meters (bcm) per year.
• Major Export Markets: Europe, particularly Germany, Turkey, Italy, and the United Kingdom.

Qatar

• Natural Gas Exports: Approximately 110 bcm per year.
• Major Export Markets: Asia, particularly Japan, South Korea, China, and India.

United States

• Natural Gas Exports: Approximately 90 bcm per year.
• Major Export Markets: Mexico, Canada, Japan, South Korea, and several European countries.

Australia

• Natural Gas Exports: Approximately 70 bcm per year.
• Major Export Markets: Japan, China, South Korea, and various Southeast Asian countries.

Norway

• Natural Gas Exports: Approximately 120 bcm per year.
• Major Export Markets: Europe, particularly the United Kingdom, Germany, France, and Belgium.

Canada

• Natural Gas Exports: Approximately 40 bcm per year.
• Major Export Markets: The United States, particularly for pipeline exports.

Netherlands

• Natural Gas Exports: Approximately 40 bcm per year.
• Major Export Markets: European countries, particularly Germany, Belgium, and France.

Turkmenistan

• Natural Gas Exports: Approximately 40 bcm per year.
• Major Export Markets: China, Iran, and Russia.

Algeria

• Natural Gas Exports: Approximately 50 bcm per year.
• Major Export Markets: Europe, particularly Italy, Spain, and France.

Malaysia

• Natural Gas Exports: Approximately 25 bcm per year.
• Major Export Markets: Japan, South Korea, and various Southeast Asian countries.

Natural Gas Statistics – Top Importing Countries

Japan

• Natural gas imports: Approximately 83.3 billion cubic meters (bcm) per year.
• Main suppliers: Australia, Qatar, Russia, Malaysia, and the United States.

Germany

• Natural gas imports: Approximately 96.2 bcm per year.
• Main suppliers: Russia, Norway, the Netherlands, Denmark, and the United Kingdom.

China

• Natural gas imports: Approximately 125.9 bcm per year.
• Main suppliers: Australia, Qatar, Russia, Turkmenistan, and Malaysia.

South Korea

• Natural gas imports: Approximately 46.4 bcm per year.
• Main suppliers: Qatar, Australia, the United States, Russia, and Malaysia.

Italy

• Natural gas imports: Approximately 75.1 bcm per year.
• Main suppliers: Russia, Algeria, Norway, the Netherlands, and Libya.

Turkey

• Natural gas imports: Approximately 44.1 bcm per year.
• Main suppliers: Russia, Iran, Azerbaijan, Algeria, and Nigeria.

United Kingdom

• Natural gas imports: Approximately 49.1 bcm per year.
• Main suppliers: Norway, the Netherlands, Belgium, Qatar, and Russia.

France

• Natural gas imports: Approximately 47.5 bcm per year.
• Main suppliers: Norway, Russia, the Netherlands, Qatar, and Algeria.

Spain

• Natural gas imports: Approximately 34.5 bcm per year.
• Main suppliers: Algeria, Nigeria, Qatar, Peru, and Trinidad and Tobago.

Belgium

• Natural gas imports: Approximately 41.1 bcm per year.
• Main suppliers: The Netherlands, Norway, the United Kingdom, France, and Germany.

Natural Gas Statistics – Gas Price

• Global Natural gas price decreased 1.46 USD/MMBtu or 35.62% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.
• The average price of natural gas in the United States is approximately $2.50-$3.50 per million British thermal units (MMBtu).
• Natural gas prices in Europe vary across countries and regions. As of the latest data, prices range from $6.00-$10.00 per MMBtu.
• Natural gas prices in Asia tend to be higher than in other regions. Prices range from $8.00-$14.00 per MMBtu.

(Source: tradingeconomics, U.S. Energy Information Administration – EIA, Eurostat, Ministry of Economy, Trade, and Industry, Japan)

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 natural gas export terminals reached 77.4 million metric tons per year as of 2022.
• In 2022, the United States had liquefied natural 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 natural gas export terminals had a combined capacity of 29.3 million metric tons per year.
• Russia’s liquefied natural 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.

(Source: Statista)

Natural Gas Statistics – Infrastructure Statistics

Natural Gas Pipelines

• Global natural gas pipeline network: Over 3.5 million kilometers (2.2 million miles) of pipelines are installed worldwide to transport natural gas.
• Largest natural gas pipeline network: The United States has one of the largest natural gas pipeline networks, with over 485,000 kilometers (301,000 miles) of pipelines.

Liquefied Natural Gas (LNG) Terminals

• Global LNG export capacity: As of 2022, the combined LNG export capacity worldwide is approximately 600 million metric tons per year (mtpa).
• Global LNG import capacity: As of 2022, the combined LNG import capacity worldwide is around 800 million mtpa.
• Largest LNG terminals: The largest LNG terminals are located in Qatar, Australia, and the United States.

Natural Gas Storage

• Global natural gas storage capacity: The total storage capacity for natural gas globally is estimated to be over 400 billion cubic meters (bcm).
• Largest natural gas storage capacity: The United States has the largest natural gas storage capacity, with approximately 100 bcm.

Floating Storage and Regasification Units (FSRUs)

• FSRU count: As of 2021, there are more than 35 FSRUs in operation worldwide.
• FSRU capacity: The average storage capacity of an FSRU is around 170,000 cubic meters (6 million cubic feet) of LNG.

Compressed Natural Gas (CNG) Stations

• CNG station count: The number of CNG stations globally is estimated to be over 25,000.
• Largest CNG vehicle markets: Countries with significant CNG vehicle adoption and infrastructure include Iran, Pakistan, Argentina, India, and Brazil.

CO2 Emission Factor Comparison: Natural Gas vs. Oil and Coal

Carbon Dioxide (CO2) Emissions

• Natural gas has an average CO2 emission factor of 2.2 tonnes per tonne of primary energy consumed.
• This emission factor is approximately 20% less than that of oil and 43% less than that of coal.

Nitrogen Oxide (NOx) Emissions

• Natural gas emits 50% less nitrogen oxides compared to coal.
• Natural gas emits 85% less nitrogen oxides compared to oil.

Sulfur Dioxide (SO2) Emissions

• Natural gas emits 98% less sulfur dioxide compared to coal.
• Natural gas emits 96% less sulfur dioxide compared to oil. (Source: GECF)

Top Companies

China National Petroleum Corporation (CNPC)

• CNPC is the largest natural gas company in the world based on revenue, with US$ 411.7 billion in 2021.
• It produces over 109.37 million cubic meters of natural gas per year in China.
• CNPC is the largest national oil and gas corporation in China, with headquarters in Beijing’s Dongcheng District.
• The company operates in various countries, including Iraq, Uzbekistan, Iran, Malaysia, Syria, Kazakhstan, Uzbekistan, South Sudan, Xinjiang Pipeline, Afghanistan, Russia, New Zealand, and Syria.

Saudi Aramco

• Saudi Aramco is the second-largest natural gas producer globally by revenue.
• The company has the highest natural gas production in the world.
• It generated revenue of US$ 359.5 billion in 2021 and is owned by Saudi Arabia.
• Saudi Aramco is primarily known for its daily oil production, which is approximately 270 billion barrels.

ExxonMobil

• ExxonMobil, based in Irving, Texas, is ranked third among the largest natural gas companies by revenue in 2021.
• It is a multinational American oil and gas company and a major investor in natural gas.
• ExxonMobil acquired XTO Energy, the largest independent natural gas producer in the USA.
• The company earned US$ 285.6 billion in revenue in 2021 and produces 9.97 billion cubic feet of natural gas per day.

Royal Dutch Shell

• Royal Dutch Shell is a British-Dutch multinational oil and natural gas company with headquarters and incorporation in the Netherlands.
• It ranks fourth among the largest natural gas companies by revenue, with US$ 261.5 billion in 2021.
• Shell is Europe’s largest oil and gas company by revenue.
• The company produces 9.3 billion cubic feet of natural gas daily, with 34% of its production coming from East and Southeast Asia, 32% from Europe, and 17% from North America.
• Shell is vertically integrated and operates in all sectors of the oil and gas industry.

BP (British Petroleum)

• BP, headquartered in London, United Kingdom, ranks fourth on the list with revenue of US$ 164.2 billion in 2021.
• It is a multinational oil company and one of the largest natural gas producers globally.
• BP produces 8.7 billion cubic feet of natural gas per day.
• The company operates in over 80 countries and is vertically integrated, involved in all aspects of the oil and gas industry, including production, refining, transportation, distribution, marketing, and petrochemicals.
• BP also has interests in renewable energy, including biofuels, wind power, smart grid technology, and solar technology.

Recent Developments

Expansion of Infrastructure:

• Investment in pipeline infrastructure has increased to facilitate the transportation of natural gas from production sites to distribution centers and end-users.
• New pipeline projects and expansions aim to improve supply reliability, enhance market access, and support the growth of natural gas consumption in various sectors.

Technological Advancements:

• Advancements in drilling and extraction technologies, such as hydraulic fracturing (fracking) and horizontal drilling, have unlocked previously inaccessible natural gas reserves, leading to increased production levels.
• Innovation in liquefied natural gas (LNG) technology has enabled the liquefaction and export of natural gas to global markets, diversifying revenue streams for natural gas producers.

Mergers and Acquisitions:

• Consolidation within the natural gas industry has occurred through mergers and acquisitions, as companies seek to optimize operational efficiencies, reduce costs, and strengthen market positions.
• Major energy companies have acquired smaller players to gain access to strategic assets, expand geographic reach, and diversify product portfolios.

Environmental Regulations and Policy Changes:

• Regulatory changes and environmental policies have influenced the natural gas market, with increased scrutiny on methane emissions, air quality standards, and carbon emissions reduction targets.
• Government incentives and subsidies for renewable energy sources have influenced the competitiveness of natural gas as an energy source in the transition to a low-carbon economy.

Shift in Energy Consumption Patterns:

• Changes in energy consumption patterns have affected natural gas demand, with increased use in power generation, industrial applications, and residential heating.
• Natural gas-fired power plants have become more prevalent due to their relatively low cost, efficiency, and lower carbon emissions compared to coal-fired plants.

Investment in Renewable Natural Gas (RNG):

• Investment in renewable natural gas (RNG) production facilities has increased, utilizing organic waste streams such as agricultural residues, landfill gas, and wastewater to produce biomethane.
• RNG projects contribute to decarbonizing the natural gas supply chain and reducing greenhouse gas emissions by capturing methane emissions from organic waste sources.

Market Volatility and Price Trends:

• Natural gas prices have experienced volatility due to factors such as supply-demand dynamics, weather patterns, geopolitical tensions, and global economic conditions.
• Fluctuations in natural gas prices impact investment decisions, production levels, and profitability for natural gas producers, distributors, and end-users.

Key Takeaways

Natural Gas Statistics – Natural gas is a versatile and widely used source of energy that plays a significant role in various sectors. Its abundance, relatively low cost, and cleaner-burning characteristics compared to other fossil fuels make it an attractive option for power generation, heating, and industrial applications.

As we move towards a more sustainable and cleaner energy future, it is crucial to carefully manage and mitigate these challenges associated with natural gas, while simultaneously exploring and investing in renewable energy sources.

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