In this article, we will look at the 25 countries with the highest natural gas consumption. You can skip our detailed discussion of the perfume industry and see the 5 Countries With the Highest Natural Gas Consumption.
Overview of the Global Natural Gas Sector
Natural gas is an odorless, gaseous mixture of hydrocarbons. It is primarily made up of methane and is one of the most important energy sources in the modern world. Not only is it less harmful to the environment than petroleum products and coal, but it is also affordable and abundantly available.
According to a report by the Business Research Company, the global natural gas market was valued at $1.02 trillion in 2023. It is expected to grow at a compound annual growth rate (CAGR) of 7.7% between 2024 and 2028, reaching $1.51 trillion by the end of the forecast period. The Asia Pacific region holds the largest market share in the global oil and gas market, with North America taking the second place.
Some of the primary factors behind the continuous growth of the global gas industry include growing competitiveness in the sector, increasing demand for natural gas and oil, increasing financial capital, and public scrutiny regarding environmental concerns. Industrialization, economic growth, and the increasing demand for electricity are other growth drivers. Oil and gas exploration activities across the globe are thus increasing, further causing industry expansion. In addition, rising prices worldwide and technological advancements also have a pivotal role to play in increasing market growth.
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Global Trends in Natural Gas Consumption
The International Energy Outlook 2023 by the World Energy Administration shows that natural gas is the fastest-growing fossil fuel worldwide. Estimates show that its consumption will go from 4.36 trillion cubic meters in 2022 to a range between 4.8 trillion and 6.8 trillion cubic meters by 2050. Although this growth is expected to occur globally, it is expected to be highly concentrated in certain regions, such as Africa, the Middle East, India, and China. The primary sectors driving this increased consumption include the electric and industrial sectors. Natural gas is replacing coal-fired power generation in the electric power sector, and is boosting industrial production in the industrial sector.
According to the International Energy Agency (IEA), global natural gas demand is expected to grow by 2.5% in 2024 to 4.19 trillion cubic meters. Gas companies across the globe are scrambling to meet this increasing demand. Gas companies are increasing their quest for new natural gas deposits despite several calls by the United Nations to avoid a climate crisis by phasing out hydrocarbons. In addition, a majority of them are leveraging artificial intelligence and big data analytics to streamline their processes and expand their operations.
Artificial Intelligence in the Gas Sector
By leveraging AI, big oil and natural gas companies are improving their operational decisions and drilling, overcoming challenges, and positioning themselves for success. Shell plc (NYSE:SHEL) is one such company. This energy and petrochemical company specializes in refining, producing, along with marketing natural gas and oil and manufacturing and marketing chemicals. Shell’s (NYSE:SHEL) segments are divided into Integrated Gas, Chemicals and Products, Renewables and Energy Solutions, Marketing, and Corporate. The Integrated Gas segment covers liquified natural gas, and the conversion of natural gas into gas-to-liquids fuels and other products.
In contrast, the Upstream segment encompasses the extraction and exploration of natural gas, crude oil, and natural gas liquids. The Chemicals and Products segment deals with chemicals manufacturing plants, their respective marketing networks, and refineries that turn crude oil and other feedstock into a number of oil products. Furthermore, the Renewables and Energy Solutions segment covers power activities, such as marketing and trading of pipeline gas and power, as well as electricity generation.
Shell (NYSE:SHEL) has more than 160 active AI projects, and is leveraging artificial intelligence throughout its oil and gas supply chain. It has implemented various technologies supporting AI advancement, such as machine learning, deep learning, virtual assistants, computer vision, robotics, and autonomous vehicles. It employs reinforcement learning in its drilling and exploration programs to slash gas extraction costs and establish itself as a leader in the domain.
In fact, the company also offers an AI Residency Program, giving AI engineers and data scientists experience with AI across different company operations. The company is thus on the growth path, investing in technological advancements and operational efficiency to increase its market share and run side by side with the increasing global demand for natural gas.
While we acknowledge the potential of SHEL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SHEL but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Now that we have taken an overview of the trends in the gas industry, let’s look at the 25 countries with the highest natural gas consumption. For more context, you can also look at Top 15 Natural Gas Producing Countries in the World in 2024.
25 Countries with Highest Natural Gas Consumption
Our Methodology
To compile a list of the 25 countries with the highest natural gas consumption in the world, we have taken dry natural gas consumption in billion cubic feet (BCF) as the sole and primary metric. We sourced data from the US Energy Information Administration for the most recent year: 2022. The 25 countries with the highest natural gas consumption are arranged in ascending order of their dry natural gas consumption in billion cubic feet as of 2022.
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25 Countries with Highest Natural Gas Consumption
25. Qatar
Dry Natural Gas Consumption in BCF as of 2022: 1,466
Qatar takes the 25th spot on our list of the 25 countries with the highest natural gas consumption in the world. The country’s terrain on the Arabian Peninsula comprises an arid desert, and a long Persian Gulf shoreline dotted with dunes and beaches. Its capital city of Doha lies on the coast, famous for its futuristic landscape. Qatar’s dry natural gas consumption was 1,466 BCF as of 2022.
24. Turkmenistan
Dry Natural Gas Consumption in BCF as of 2022: 1,468
Turkmenistan is a Central Asian country bordered by the Caspian Sea. Its landscape is predominantly covered by the Karakum Desert, and is famous for the archaeological ruins of Merv and Nisa. The country has a dry natural gas consumption of 1,468 BCF as of 2022.
23. Malaysia
Dry Natural Gas Consumption in BCF as of 2022: 1,501
Malaysia takes the 23rd spot on our list of the countries with the highest natural gas consumption, with a dry natural gas consumption of 1,468 billion cubic feet as of 2022. The Southeast Asian country lies on parts of the Malay Peninsula and the island of Borneo. It boasts a mix of Indian, Chinese, Malay, and European cultural influences.
22. Uzbekistan
Dry Natural Gas Consumption in BCF as of 2022: 1,527
With a dry natural gas consumption of 1,527 billion cubic feet as of 2022, Uzbekistan ranks 22nd on our list. Uzbekistan is located in Central Asia, and is a part of the former Soviet republic. It is linked to the ancient trade route between the Mediterranean and China. It ranks 22nd on our list.
21. Argentina
Dry Natural Gas Consumption in BCF as of 2022: 1,633
Officially known as the Argentine Republic, Argentina is located in the southern half of South America. It has a population of 46.23 million individuals as of 2022, according to estimates by the World Bank. It ranks 21st on our list as one of the countries with the highest natural gas consumption.
20. Pakistan
Dry Natural Gas Consumption in BCF as of 2022: 1,640
The Islamic Republic of Pakistan is the thirty-third largest country in the world in terms of area, and has a population of more than 210 million, according to the United Nations. That makes it the fifth most populous country in the world. It has a natural gas consumption of 1,640 billion cubic feet, ranking it 20th on our list.
19. Algeria
Dry Natural Gas Consumption in BCF as of 2022: 1,694
Algeria takes the 19th spot on our list of the countries that consume the most natural gas globally. It has a dry natural gas consumption of 1,694 billion cubic feet as of 2022. It is the largest nation in Africa, and has a population of 44.9 million individuals as of 2022.
18. Thailand
Dry Natural Gas Consumption in BCF as of 2022: 1,727
The southeast Asian country of Thailand is famous for its majestic royal palaces, tropical beaches, ancient ruins, and intricately built temples that display ancient figures of Buddha. It has a population of 71.7 million people as of 2022, and consumed 1,727 billion cubic feet of dry natural gas in 2022.
17. Australia
Dry Natural Gas Consumption in BCF as of 2022: 1,772
Officially known as the Commonwealth of Australia, Australia comprises the mainland of the Australian continent, Tasmania Island, and several other smaller islands. It is the largest country in Oceania by area and the sixth-largest country in the world. According to estimates by the World Bank, Australia had a population of 26.01 million as of 2022.
16. Turkiye
Dry Natural Gas Consumption in BCF as of 2022: 1,868
Turkiye consumed 1,868 billion cubic feet of dry natural gas in 2022, ranking it 16th on our list. The country lies at the crossroads of Asia and Europe, with the Bosphorus Strait dividing it between West Asia and Thrace in Europe. It has a population of 84.98 million as of 2022, according to estimates by the World Bank.
15. India
Dry Natural Gas Consumption in BCF as of 2022: 2,079
India is the most populous country in the world. The South Asian nation surpassed China in June 2023, with a more than 1.417 billion population. It ranks 15th on our list of the countries with the highest natural gas consumption, and consumed 2,079 billion cubic feet of dry natural gas in 2022.
14. South Korea
Dry Natural Gas Consumption in BCF as of 2022: 2,101
With a dry natural gas consumption of 2,101 billion cubic feet as of 2022, South Korea takes the 14th spot on our list. The East Asian country shares one of the most militarized borders in the world with North Korea on the Korean Peninsula. The country has a perfect blend of towering skyscrapers, lush green rural segments, coastal fishing villages, and centuries-old Buddhist temples.
13. Egypt
Dry Natural Gas Consumption in BCF as of 2022: 2,122
Egypt dates back to the time of the pharaohs. It links the Middle East to northeast Africa, and boasts an array of historical artifacts and millennia-old monuments, such as the Pyramids of Giza, the Great Sphinx, and Luxor’s Valley of Kings. The country lies along the fertile Nile River Valley, and ranks 13th on our list.
12. UAE
Dry Natural Gas Consumption in BCF as of 2022: 2,334
The United Arab Emirates is located in the Middle East, and takes the 12th spot on our list. The country has a dry natural gas consumption of 2,334 billion cubic feet in 2022.
11. Italy
Dry Natural Gas Consumption in BCF as of 2022: 2,427
Italy is a European country with a long Mediterranean coastline and a population of around 58.94 million people as of 2022, according to estimates by the World Bank. The country consumed around 2,427 billion cubic feet of dry natural gas in 2022, giving it the 11th spot on our list.
10. The United Kingdom
Dry Natural Gas Consumption in BCF as of 2022: 2,477
The United Kingdom comprises the countries of England, Scotland, Wales, and Northern Ireland. This island nation lies in the northwestern wing of Europe. The UK had a dry natural gas consumption of 2,477 billion cubic feet in 2022.
9. Germany
Dry Natural Gas Consumption in BCF as of 2022: 2,737
The ninth spot on our list of countries with the most natural gas consumption is held by Germany. The western European country boasts more than 2 millennia of history. It consumed 2,737 billion cubic feet of dry natural gas in 2022.
8. Mexico
Dry Natural Gas Consumption in BCF as of 2022: 3,198
Officially known as the United Mexico States, Mexico is one of the three countries in the North American continent. It lies on North America’s southern wing, and is the 13th largest country in the world by area. It has a population of 127.5 million as of 2022, according to estimates by the World Bank.
7. Japan
Dry Natural Gas Consumption in BCF as of 2022: 3,279
Around 125.1 million people live in Japan, taking its dry natural gas consumption to 3,279 billion cubic feet in 2022. It ranks seventh on our list of the countries with the highest natural gas consumption in the world.
6. Saudi Arabia
Dry Natural Gas Consumption in BCF as of 2022: 4,304
Saudia Arabia is the largest country in the Middle East, and boasts a wealth of oil reserves. The country lies over the Arabian Peninsula, stretching across a land area of more than 2.15 million square kilometers. It ranks sixth on our list.
5. Canada
Dry Natural Gas Consumption in BCF as of 2022: 4,602
Canada is a North American nation with ten provinces and territories extending from the Atlantic Ocean to the Pacific Ocean. It has a population of 38.93 million people, and consumed 4,602 billion cubic feet of dry natural gas in 2022.
4. Iran
Dry Natural Gas Consumption in BCF as of 2022: 8,648
The fourth spot on our list of the 25 countries with the highest natural gas consumption is held by Iran. Also known as Persia, this West Asian country has a population of 88.55 million people as of 2022, according to World Bank estimates.
3. China
Dry Natural Gas Consumption in BCF as of 2022: 12,931
China is the second largest country in the world by population after India, housing around 1.40 billion people. This translates to around 17.4% of the global population. The country takes the third spot on our list with a dry natural gas consumption of 12,931 billion cubic feet as of 2022.
2. Russia
Dry Natural Gas Consumption in BCF as of 2022: 16,677
Russia consumes the second most dry natural gas in the world. Its consumption stood at 16,677 billion cubic feet in 2022, ranking it right behind the USA. Russia is the largest country in the world by area, spanning North Asia and East Europe.
1. The United States of America
Dry Natural Gas Consumption in BCF as of 2022: 32,288
The United States of America consumes the most natural gas in the world. It ranks first on our list of the 25 countries with the highest natural gas consumption, and consumed 32,288 billion cubic feet of dry natural gas in 2022. The North American country has a population of 333.3 million people as of 2022, according to World Bank estimates.
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Disclosure: None. This article was originally published at Insider Monkey.