As of 2024, the United States was the biggest producer of natural gas in the world. With a production of approximately ************* cubic meters that year, U.S. natural gas production was over *********** cubic meters more than the second biggest producer - Russia. These two nations are by far the biggest contributors to natural gas production on the planet. In 2024, global natural gas production reached a peak of ************* cubic meters. Global natural gas reserves Global proved natural gas reserves totaled nearly 209 trillion cubic meters in 2024. The Middle East and the Commonwealth of Independent States are home to the largest regional natural gas reserves. The country with the largest proved natural gas reserves is Russia, which holds *********** cubic meters in 2024. In the previous year, Russia’s state-owned energy group Gazprom held a **** percent share of global natural gas. Natural gas trade In addition to having the largest natural gas reserves, Russia is also one of the world’s leading gas exporting country. The majority of Russia’s gas exports are via pipelines, and in 2024 it exported approximately ************* cubic meters through this method. In comparison, Qatar is the third largest natural gas exporter, but is the leading LNG exporting country.

With a production volume of **** trillion cubic meters in 2023, North America was the leading natural gas producing region in the world. It is expected to remain the largest producer in 2024, with a forecast output of some *** trillion cubic meters. The Commonwealth of Independent States (CIS) followed, with a production volume of close to *** billion cubic meters in 2023.

Global natural gas production reached a record high of ************* cubic meters in 2024, continuing a general upward trend that has persisted for decades. The increase in production aligns with rising global natural gas demand, which is projected to surpass ************ cubic meters by 2050, driven largely by consumption in the Asia Pacific region. Liquefied natural gas trade expands As natural gas production rises, so does the global trade in liquefied natural gas (LNG). In 2023, LNG trade volume reached *********** cubic meters, with the United States emerging as the world's largest LNG exporter. The growth in LNG trade is supported by increasing liquefaction capacity, which reached ************* metric tons in 2023, a ** percent increase since 2010, although growth has slowed in recent years. United States leads in production and exports The United States has solidified its position as the world's leading natural gas producer and exporter. In 2023, U.S. production reached approximately ************ cubic meters, accounting for roughly ********** of global production. It significantly outpaces Russia, the second-largest producer. U.S. production dominance extends to exports, with the U.S. shipping **** billion cubic meters via pipelines and ************* cubic meters as LNG in 2023.

In 2024, the United States was the largest natural gas producer worldwide, followed by Russia. That year, natural gas production in the United Arab Emirates amounted to *** exajoules. The natural gas industry is expected to expand worldwide in the following years.

The majority of the world's natural gas is produced in the United States. In 2024, the U.S. produced around ** percent of the total global natural gas output, up from **** percent in 2010. This increase is largely attributed to the development of fracking and horizontal drilling techniques.

Gazprom is the largest natural gas producing company in the world. In 2024, the company reported a natural gas production of some **** billion cubic feet per day. The largest producers tend to be state-owned entities, with public oil supermajors such as Chevron and ExxonMobil reaching a daily output of around****** billion cubic feet. As natural gas and crude oil extraction is often tied, the largest gas producers are also some of the leading oil companies worldwide based on production.

Countries in Europe have some of the highest natural gas prices for the industry in the world. In the second quarter of 2024, industrial customers in Switzerland paid approximately 0.16 U.S. dollars per megawatt hour worth of natural gas. This was considerably higher than the price of gas in natural gas producing countries such as Russia and Algeria. Determining natural gas prices Like other commodities, natural gas prices are driven by supply and demand trends. In some instances, they may also reflect developments within the oil market, as both commodities are often produced together. Natural gas prices are volatile. Seeing as the consumption of natural gas is often without alternative (e.g. within power plants), short-term changes to supply and demand have huge repercussions for the market. Weather is also a common determinant of natural gas prices. Unprecedented heat waves in the U.S. have driven up electricity demand for air conditioning and affected weekly Henry Hub natural gas prices in the hotter summer months. Natural gas demand Primary energy demand generated by natural gas worldwide is highest in North America. Nevertheless, forecasts suggest that the Asia Pacific region will experience a doubling in such demand by 2050 and overtake consumers in North America. The United States is still leading a ranking of world natural gas consumption by country. However, China has increased its LNG and gas pipeline investment portfolio, which could see it becoming an even greater consumer in the future.

The United States, which was the world's leading natural gas-producing country in 2024, had no variation in annual production of natural gas that year. Of the leading natural gas producing countries in the world, Russia had the largest year-over-year increase that year, at nearly 43.5 billion cubic meters. The U.S. natural gas industry The total volume of natural gas produced worldwide amounted to 4.19 trillion cubic meters in 2024. The U.S. is not only the world’s largest natural gas-producing country, it is also the largest exporter of natural gas (including liquefied natural gas). Nevertheless, the largest share of gas produced in the country is consumed domestically. U.S. shale gas revolution Due to advances in hydraulic fracturing (fracking) technology and horizontal drilling, shale gas resources in the U.S. became economically feasible to develop. Shale gas production has also offset production declines from conventional resources in the country. This development has increased U.S. natural gas reserves considerably.

Global proved natural gas reserves amounted to some *** trillion standard cubic meters in 2024. Since 1960, continued growth in the exploration & production industry has resulted in the combined volume of known reserves increasing more than *******, surpassing *** trillion cubic meters in 2011. Natural gas reserves by region and country Proved reserves indicate the amount of a resource that can be produced economically under current prices and available technologies. Reserves can change annually with new discoveries and thorough appraisal of existing fields. The majority of the world’s natural gas reserves are located in the Middle East. Russia is the country with the largest share of global natural gas reserves. Natural gas production in the U.S. The United States has experienced a relatively large surge in proved natural gas reserves, reaching record numbers from the 2010s onward. Most of these new reserves have been found in shale deposits in Pennsylvania, Western Virginia, and Texas. The U.S. has also increased production output due to increased use of hydraulic fracturing (“fracking”) and horizontal drilling. U.S. shale gas production is forecast to grow even further in the coming decades and reach nearly ** trillion cubic feet by 2050.

Shell produced 2.83 trillion cubic feet of natural gas through subsidiaries and joint ventures and associates. The majority of which was produced through its subsidiaries. Shell is one of the top oil and gas companies worldwide, operating in every segment of the oil and gas industry. The company is headquartered in London, United Kingdom.

Worldwide natural gas consumption has stagnated over the past three years. In 2024, natural gas consumption worldwide amounted to roughly ************* cubic meters. What is natural gas? Natural gas is a mixture of gases, primarily methane. Consisting mostly of hydrocarbons, it is found in deposits called reservoirs beneath the surface of the Earth. Natural gas is considered the Earth’s cleanest fossil fuel because it produces carbon dioxide, water vapor, and small amounts of nitrogen oxides when it is burned. In its natural state, natural gas is colorless and odorless. It is used commonly in residential, commercial, and industrial applications, such as heating and electricity generation. Although it is the cleanest burning fossil fuel, natural gas development has resulted in the increase of hydraulic fracturing (also known as fracking), a controversial and environmentally damaging extraction method. Natural gas consumption in the United States In 2023, the United States was the leading consumer of natural gas worldwide. Their natural gas consumption has been increasing slightly since 1995, amounting to some ************* cubic feet in 2023. That same year, the industrial sector in the United States consumed the second largest proportion of natural gas of all sectors, second to electricity generation. In the U.S. industrial sector, natural gas is used as a fuel for process heating, heat and power systems, and as a raw material to produce chemicals and fertilizer.

Iran is the leading OPEC member in terms of natural gas production. In 2024, production surpassed 277 billion cubic meters. This is not a surprise, taking into consideration that the country has by far the largest gas reserves of OPEC countries.

Natural gas production in North America amounted to some *** trillion cubic meters in 2024, a slight increase when compared to the previous year. Between 1998 and 2024, North America's natural gas production increased by around *** billion cubic meters, reaching a production-peak in the latter year.

The United States is the world's largest crude oil producer. In 2024, it had an output of 20.1 million barrels worth of oil per day. This was nearly 13 million barrels more than in 2010 and largely a result of advances in unconventional tight oil production. Saudi Arabia and Russia ranked second and third, at around 10.9 and 10.8 million barrels daily respectively. Oil production includes crude oil, shale oil, oil sands, and natural gas liquids. Distribution of U.S. oil production The U.S. is divided into five regional divisions for oil production, known as Petroleum Administration for Defense District’s (PADD), which were created during World War II. The main goal was to organize the allocation of fuels from petroleum products and for data collection purposes these regions are still currently used. Out of all PADD's, PADD 3, including the Gulf Coast states, has recorded by far the largest daily crude oil production, at some 7.9 million barrels in 2021. By comparison, PADD 1 (East Coast) production volumes were 74 thousand barrels per day. The importance of PADD 3 to the country’s overall oil output is hardly surprising as Texas is by far the state with the largest crude oil production. U.S. natural gas production Besides being the world's largest oil producer, the U.S. is also the world’s largest natural gas producer. It produced over one trillion cubic meters in 2024, despite ranking fifth in terms of proved natural gas reserves .

In 2024, Shell produced more natural gas in Asia than in any other region. Natural gas production that year reached a total of nearly 2.5 trillion standard cubic feet, of which more than one trillion was produced through subsidiaries in Asia. Shell is one of the top oil and gas companies worldwide, operating in every segment of the oil and gas industry.

ExxonMobil's natural gas production output amounted to approximately *** billion cubic feet per day in 2024. Around one third of ExxonMobil's natural gas output is produced in the United States, the company's home market.

Norway's natural gas production amounted to *****exajoules in 2024. Between 1999 and 2024, figures increased by over *** exajoules. Norway is Europe's leading natural gas producer and exporter. Its large natural gas reserves have maintained its high production rate of natural gas.

ExxonMobil's natural gas production in the United States amounted to a total of approximately *** billion cubic feet per day in 2024. The oil and gas company is among the leading producers of natural gas in the U.S. ExxonMobil's worldwide natural gas production reached *** billion cubic feet per day that same year.

Russia produced ***** billion cubic meters of natural gas in 2024, having increased the volume by *** percent compared to the previous year. It ranked as the second-largest producer of this fossil fuel worldwide. How has COVID-19 affected the Russian natural gas production? The global coronavirus (COVID-19) pandemic led to a decline in the U.S. natural gas prices and a higher demand for liquified natural gas (LNG), which meant increased competition for Russian energy producers. Furthermore, European countries were forecast to see a decrease in natural gas demand due to the lockdown. Russia's major company in the industry, Gazprom decreased its export volume to non-CIS countries in Europe to *** billion cubic meters in 2020. How much natural gas does Russia export? Russia exported around *** billion cubic meters of natural gas via pipelines in 2023. The export volume of liquefied natural gas (LNG) in the country reached **** billion cubic meters in the same year. The major export destination of the Russian natural gas was China, which was followed by Turkey and Germany.

Natural gas production in Germany reached a record low of *** billion cubic meters in 2024. Between 1998 and 2024, figures decreased by over ** billion cubic meters, and this trend is predicted to continue. Production of natural gas in Germany is quite low, thus relying on imports from other countries to meet demand.