20 Countries That Import the Most Natural Gas in the World

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In this article, we will take a look at the 20 Countries That Import the Most Natural Gas in the World. You can also check out the Top 15 Natural Gas Producing Countries in the World in 2024 for our further discussion on the global oil and gas market.

Natural Gas: A Key Player in the Global Energy Market

Natural gas, a fossil fuel energy source, is a gaseous mixture of hydrocarbons and holds the title of one of the most important sources of energy in the world. The importance stems from its lower cost, abundance, and less adverse impacts on the environment, as compared to other petroleum and coal products. The global oil and gas market was valued at $6.99 trillion in 2022, and it is projected to grow to $8.67 trillion by 2027. The market is expected to grow at an impressive Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period of 2023 to 2027. This exponential growth stems from the rise in demand for sustainable and cleaner energy solutions; whereas developing countries have also been focusing on increasing the utilization of electricity and refined petroleum. Along with these, some of the other drivers of demand in this industry are increased global economic activity and higher electricity consumption.

According to an estimate by the U.S. Electrical Information Administration, the United States consumed approximately 30.28 trillion cubic feet of natural gas in the year 2021 which accounted for 32% of total electricity use in the U.S. To put into perspective, this equaled 37% of the total amount of natural gas used to generate power all over the world, according to Emergen Research. This demand is only projected to increase globally with the International Energy Agency forecasting the demand for natural gas to grow to about 4.19 trillion cubic meters at a year-over-year growth rate of 2.5% in 2024.

To meet the rising demand, investments in the global oil and gas market have been also increasing. The global oil and gas upstream capital expenditures increased year-on-year by 39% in 2022 to $499 billion which is the highest expenditure reported since 2014. To sustain the supply in the industry, the investments are forecast to increase further by 2030 and reach a whopping $640 billion. While all countries are trying to match the growing natural gas demand, the US stands as the biggest producer of gas. The US doubled its natural gas production from 2005 to 2022. In the year 2022, the US produced a record high of natural gas equaling 94.7 billion cubic feet per day. With this, the U.S. was put on the global map with a market share of around 24.2%, ahead of both Russia and Iran.

Thus, companies around the world have also begun a rigorous hunt for natural gas deposits in light of the growing market and demand for natural gas. Two of the biggest names in the industry are Chevron Corporation (NYSE:CVX), and Shell plc (NYSE:SHEL).

Chevron Corporation (NYSE:CVX)

Chevron Corporation (NYSE:CVX) is one of the world’s leading integrated energy companies and engages in the provision of administrative, financial management, and technology support for energy and chemical operations. Despite being one of the biggest companies in the natural gas industry, the company reported a 65% decrease in their net income, from $6.4 billion a year ago, to $2.3 billion, for the quarter ending on 31st December 2023.

Shell plc (NYSE:SHEL)

Shell plc (NYSE:SHEL) is also involved in the exploration, production, refining, and marketing of natural gas and oil. The British multinational oil and gas company is one of the most profitable natural gas stocks. Shell announced its first quarter results of 2024 marked by an impressive performance. The company reported an adjusted earnings figure of a staggering $7.7 billion mark, which was an increase, as compared to $7.3 billion earnings recorded in the previous quarter. Furthermore, adjusted EBITDA also saw a rise as it grew to $18.7 billion from $16.3 billion in the previous quarter.

Also see: 25 Countries with the Largest Coal Reserves in the World and 11 Best Coal Mining Stocks To Invest In.

20 Countries That Import the Most Natural Gas in the World

Oil and gas engineers surveying an expansive landscape for producing oil fields.

Methodology

For the purpose of this ranking, we obtained data from the Energy Information Administration (EIA) on the natural gas imports for every country in the year 2022. Once we had the data on the imports for each country, we arranged it in ascending order and picked the top 20 countries with the highest level of imports. The list starts with the country that reported the lowest natural gas imports of all the countries listed.

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20. Greece

Natural Gas Imports in 2022: 563.1 billion cubic feet

For many years, Greece has relied on Russia for almost 40% of its gas imports which is why it got hit during the Russia-Ukraine war, according to Reuters. However, the country has now shifted to other countries for its supply of gas too. Anyhow, for the first time in five years, the country imported no LNG in April 2024 due to rising prices of gas, making it uneconomical.

19. Belarus

Natural Gas Imports in 2022: 589.3 billion cubic feet

Belarus has natural gas reserves of just 3 billion cubic meters, according to IEA, therefore it has to import most of its gas and oil from Russia. The country, however, wants to achieve energy security and hence reduce its dependence on imports. Belarus plans to reduce Russian supplies from 90% to 70% of total energy imports.

18. Thailand

Natural Gas Imports in 2022: 604.3 billion cubic feet

Thailand meets its demand for natural gas through domestic production sources, LNG imports, and pipeline gas imports from Myanmar. In 2023, the country imported 11.55 million mt of LNG, which marked a growth of 40% year on year, according to S&P Global. However, due to tighter US sanctions on Myanmar’s state oil and gas company, the import of natural gas from Myanmar over January-November was 21% lower year on year and came down to 588 MMcf/d.

17. United Arab Emirates

Natural Gas Imports in 2022: 681.2 billion cubic feet

The UAE currently imports natural gas from Qatar through the Dolphin pipeline to supply power plants and desalination plants. The natural gas imports from Qatar fulfill almost one third of the country’s demand, according to Natural Gas World. A few years ago, Abu Dhabi National Oil Co made the discovery of 80 trillion standard cubic feet of gas in Jebel Ali on the Dubai-Abu Dhabi border. Despite the discovery of this reserve, the UAE will have to import natural gas from Qatar for a few years to come, as the development of the reserve will take time.

16. Belgium

Natural Gas Imports in 2022: 894.4 billion cubic feet

According to the International Trade Administration, over the past decade, Belgian gas demand has fluctuated around 18 billion cubic meters. As the country has no domestic natural gas production, it relies on imports from the Netherlands and Norway. One-fifth of the gas supply in Belgium is supplied by the LNG produced in the Netherlands.

15. Taiwan

Natural Gas Imports in 2022: 956.5 billion cubic feet

Taiwan imported 19.92 million mt of LNG in 2023, with Australia, Qatar, and the US being the top three LNG suppliers. Taiwan imported 40.2%, 27.9%, and 9.8% of the total supply from each of these countries respectively, as given in S&P Global. According to the current statistics, Taiwan relies on natural gas for 40% of its total electricity production but the inventory levels that the country is able to hold are only sufficient to meet the demand for 10 to 11 days.

14. India

Natural Gas Imports in 2022: 969.2 billion cubic feet

India plans on reducing air pollution and using cleaner burning fuel in the years to come. With this objective, the country is aiming to boost its natural gas market share to 15% by 2030, according to the Energy Information Administration (EIA). In 2022, the Ministry of Petroleum and Natural Gas announced that it would increase the exploration area for oil and natural gas to approximately 310,000 square miles by 2025 and to 620,000 square miles by 2030.

13. Canada

Natural Gas Imports in 2022: 970.5 billion cubic feet

Canada has a diverse energy sector through which it produces, consumes, and exports. As of January 2024, according to EIA, Canada’s proven natural reserves stand at 87 trillion cubic feet (Tcf) and is currently the world’s fifth largest producer of natural gas. Between 2012 and 2022, natural gas use increased at an annual growth rate of 2.6%, making it the primary source of energy with the largest growth contribution.

12. Spain

Natural Gas Imports in 2022: 1,400.7 billion cubic feet

Spain almost has very insignificant proven reserves of natural gas and hence does not produce any amount domestically. Relying on imports to meet its natural gas demands, Spain imports most of its natural gas from Algeria, the United States, Qatar, and Nigeria. In 2023, Spain imported over 116 terawatt-hours of natural gas from Algeria. Meanwhile, the import volume from the United States surpassed 82.8 terawatt-hours.

11. Türkiye

Natural Gas Imports in 2022: 1,925.9 billion cubic feet

Türkiye’s proven natural gas reserves were 111 billion cubic feet (Bcf), as of January 1, 2023, according to EIA. Even though Türkiye has depended on natural gas imports to meet domestic demand, the country plans to increase domestic production, particularly in the Black Sea, to decrease the dependence on imports.

10. France

Natural Gas Imports in 2022: 1,987.6 billion cubic feet

In 2023, France saw a significant decline in gas consumption, both from consumers and industries. Le Monde reported that despite a considerable reduction in Russian energy imports, shipments are still arriving, predominantly by sea. Following the price surge in 2022, the demand for gas in the country has kept on decreasing, mirroring the trend in electricity consumption. Gross gas consumption in France has plummeted to 381 terawatt-hours (TWh) in 2023, reflecting an 11.4% decrease from 2022 and a 20% drop since 2021. However, in the first quarter of 2024, France paid Russia 600 million euros ($644 million) for liquefied natural gas (LNG), positioning it as the EU’s fastest-growing importer of Russian LNG, as reported by Yahoo Finance.

9. United Kingdom

Natural Gas Imports in 2022: 1,995.3 billion cubic feet

The majority of the UK’s oil and natural gas production takes place offshore, primarily in the North Sea and west of the Shetland Islands within Scottish Territorial Waters. In response to Russia’s large-scale invasion of Ukraine, the UK government implemented a ban on importing crude oil, natural gas, and petroleum products from Russia. This move has prompted the UK to shift its energy sourcing towards suppliers in Norway and the United States. According to the US Energy Information Administration, capital expenditures on UK oil and natural gas are projected to peak at $6.4 billion in 2024 before decreasing to $2.6 billion by 2029. Despite this decline, spending on exploration and appraisal is expected to remain stable, averaging $0.38 billion annually from 2024 to 2029.

8. Mexico

Natural Gas Imports in 2022: 2,098.9 billion cubic feet

According to the U.S. Energy Information Administration as of January 2023, Mexico had 7.1 trillion cubic feet (Tcf) of proven natural gas reserves. In 2022, private companies were responsible for 5% of the country’s total natural gas production, with Pemex producing the remaining portion. This marks a notable increase from 2017 when private production was less than 1% of the total. While Mexico’s consumption of liquefied natural gas (LNG) has declined, the use of dry natural gas has risen. This rise can be attributed in part to the expanded pipeline capacity between the United States and Mexico, following the recent construction of new pipelines.

7. South Korea

Natural Gas Imports in 2022: 2,211.5 billion cubic feet

EIA has reported that due to limited domestic resources, South Korea imports nearly 98% of its fossil fuel needs. Lacking international oil or natural gas pipelines, the country depends on tanker shipments for its supply of liquefied natural gas (LNG) and crude oil. In 2021, South Korea ranked as the world’s third-largest importer of LNG, following China and Japan.

6. Netherlands 

Natural Gas Imports in 2022: 2,323.9 billion cubic feet

The Netherlands ranks as Europe’s second-largest producer and exporter of natural gas, after Norway, and has the continent’s largest natural gas trading hub based on spot volumes. The country’s natural gas is distributed through a domestic and export pipeline network, which provides direct connections to the United Kingdom, Germany, and Belgium, and indirect connections to much of Europe. Additionally, the Netherlands has become a significant transport hub for liquefied natural gas (LNG).

5. Italy

Natural Gas Imports in 2022: 2,563.1 billion cubic feet

Italy ranks as Europe’s second-largest importer of natural gas, following Germany, and is the continent’s third-largest consumer of natural gas, after Germany and the United Kingdom. The report by EIA stated that as a net importer, Italy relies heavily on foreign sources to fulfill approximately 93% of its oil and natural gas requirements and to support its exports of refined petroleum products.

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