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10 Top Natural Gas Producers by Country

 

Natural gas is an essential energy fuel for the global economy. Which countries are leaders in natural gas production?

Natural gas is an important energy fuel, even as the world transitions to a carbon-free economy. When investing in this market, it's key to know the ins and outs of natural gas production by country.

Global natural gas production increased by nearly 5 percent to reach a record 4.04 trillion cubic meters in 2021, according to data from Statista. Russia currently ranks as the world’s second largest natural gas producer and is the leading exporter of the fuel.

Last year, Russia’s natural gas exports came in at 202 billion cubic meters of gas via pipelines, and 39.6 billion cubic meters of liquified natural gas (LNG). But the war in Ukraine may change that — Russia has significantly cut natural gas exports to Europe, which previously relied on the country for 40 percent of its supply, resulting in skyrocketing energy prices in the region and abroad. The European Union has laid out a plan to phase out Russia-sourced natural gas by 2027.

Although Russia has temporarily pivoted its energy export trade to the east, analystshave pointed out that in the long run, even China and India can’t save Russia’s natural gas export market.

These market forces have many investors curious about which countries produce the most natural gas, and which have the potential to take Russia’s place. Read on for a look at the top 10 natural gas-producing countries in 2021 based on Statista data.

 

1. United States

Production: 934 billion cubic meters

The US is by far the largest producer of natural gas in the world, and represents nearly a quarter of total global natural gas production. The country’s output has increased by more than 300 billion cubic meters in the past decade owing to the increasing cost of coal and advancements in extraction technology such as horizontal drilling and hydraulic fracturing.

In addition to being a major natural gas producer, the US is also by far the biggest consumer of the fuel. Last year, US demand for natural gas totaled 836.7 billion cubic meters, primarily for home heating and generating electricity.

In the first half of 2022, Reuters reported that the US became the world’s largest exporter of LNG as the country increased shipments to Europe due to Russia’s war in Ukraine.

2. Russia

 

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Published on 1/11/2023 (21 days ago) Oil/Gas