Top 5 Natural Gas Producing Countries in the World in 2024

2. Russia

Total Natural Gas Production in 2022: 618.4 bcm

Russian gas accounted for about 45% of the European Union’s imports back in 2021, the year before the country’s invasion of Ukraine. However, since the conflict began, Russia’s gas exports to Europe collapsed from 140 bcm in 2021 to 63 bcm in 2022, and then around 27 bcm in 2023. As a result, Gazprom, the Kremlin-owned gas giant, witnessed a net loss of $6.9 billion in 2023 – the company’s first annual loss in more than twenty years.

Russia’s proved natural gas reserves were 1,688 trillion cubic feet as of January 1st 2024, making it the Country with the Largest Natural Gas Reserves in the World.