In this article, we are going to discuss the top 5 natural gas producing countries in the world in 2024. If you want to check out our detailed analysis of the global oil and gas market, the recent major natural gas discoveries, and the use of AI in the oil and gas industry, head to Top 15 Natural Gas Producing Countries in the World in 2024.
5. Canada
Total Natural Gas Production in 2022: 185 bcm
In 2022, Canada produced 17.4 billion cubic feet per day (bcfd) of natural gas, pretty much all of which comes from the Western Canadian Sedimentary Basin, which spans the provinces of British Columbia, Alberta, Saskatchewan, and Manitoba. The majority of this production is consumed domestically, while the remainder is exported almost exclusively to the United States. Canada exported around 8 bcfd of gas by pipeline to its southern neighbor in 2023, compared with an average of 7.5 bcfd over the previous five years.
Canada is included among the Top 5 Countries that are the Greatest Producers of Natural Gas.
4. China
Total Natural Gas Production in 2022: 221.8 bcm
Natural gas production in China reached a record 230 billion cubic meters in 2024, with the so-called unconventionals, including shale, coal-bed methane, and natural gas hydrates, accounting for 41.7% of the overall production. In order to meet the rising domestic demand, the country has increased its indigenous gas production by more than 10 bcm for six years in a row now.
China is placed among the Top 3 Countries that Use Natural Gas, consuming 364.6 billion cubic meters in 2022 – a decline of 1.2% from the previous year.
3. Iran
Total Natural Gas Production in 2022: 259.4 bcm
With 33 trillion cubic meters, Iran has the world’s second-largest natural gas reserves and is placed among the Top 3 Gas Producers Globally. However, around 25 bcm of Iranian gas goes to waste every year, mainly due to flaring and leakages in the transmission and distribution network. Due to its rising consumption, rampant inefficiency, flagging production, and international sanctions, the country has faced some severe gas shortages recently.
Despite facing such issues, Iran is the Largest Producer of Natural Gas in the Muslim World. It also ranks among the countries with the largest gas subsidies in the world, with $45 billion worth of subsidies in 2022.
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.
1. United States of America
Total Natural Gas Production in 2022: 978.6 bcm
In 2022, natural gas production in the U.S. increased by 3.6% to reach an all-time high of 978.6 bcm, accounting for 24.2% of the overall global production and making America the Largest Producer of Natural Gas in the World.
Every year, the indigenous production of oil and gas helps save American consumers an estimated $203 billion, or $2,500 for each family of four. Moreover, the oil and gas industry also supports over 12 million American jobs, provides billions of dollars in tax revenue, and ensures energy security.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 20 States with the Cheapest Weed in America and Alcohol Consumption by Country: 25 Countries with the Highest Alcohol Consumption per Capita.
