According to data from the Energy Institute, global natural gas production remained relatively stable compared to 2022. In 2023, global natural gas production increased slightly from 4.04 trillion cubic meters in the previous year to 4.05 trillion cubic meters. The United States continued to be the largest natural gas producer, accounting for 25% of global production and 22% of consumption. In absolute terms, Russia’s natural gas production fell by 5% (32 billion cubic meters), the largest decline among all regions.
In 2023, liquefied natural gas (LNG) supply grew by nearly 2% (10 billion cubic meters) to 549 billion cubic meters. The United States experienced almost a 10% increase in its supply, surpassing Australia and Qatar to become the largest LNG exporter in the world. The combined exports from these three countries accounted for 64% of total LNG exports. Over just ten years, U.S. LNG exports skyrocketed from 20 billion cubic meters in 2013 to 114 billion cubic meters in 2023.
In 2023, global natural gas demand saw only a slight increase of 0.02%, reaching 1 billion cubic meters, just above pre-COVID levels in 2019. The Asia-Pacific region was the main driver of growth in global LNG demand, with China’s imports exceeding those of Japan, making it the largest LNG importer in the world, with one-third of its imports coming from Australia. The combined imports of China, Japan, and South Korea accounted for approximately 45% of global LNG trade.
In the United States, domestic demand growth significantly slowed, production reached an all-time high, and storage levels remained above those of previous years, leading to a substantial drop in U.S. natural gas prices, which fell below $3 per million British thermal units again. Additionally, European natural gas prices experienced increased volatility, showing a general downward trend throughout the year, while spot prices for LNG in Northeast Asia also saw a significant decline, exhibiting a wide V-shaped trend during the year.
Top Ten Natural Gas Producers in 2023
Here is the list of the top ten natural gas producers worldwide in 2023:
|
Rank
|
Country
|
Production (Billion Cubic Meters)
|
Notable Information
|
|
1
|
United States
|
1,350.0
|
Largest producer by far; significant increase due to technological advancements and high international demand.
|
|
2
|
Russia
|
586.4
|
Holds the largest natural gas reserves; significant decline in revenue due to European market rejection.
|
|
3
|
Iran
|
251.7
|
Third largest producer; shares the South Pars gas field with Qatar; plans to boost production capacity.
|
|
4
|
China
|
234.3
|
Rapid production growth; relies on imports for about half of its demand.
|
|
5
|
Canada
|
190.3
|
Major reserves in the Western Canadian Sedimentary Basin; relies on pipelines exclusively for exports.
|
|
6
|
Qatar
|
181.0
|
Hosts the North Field; significant LNG exports; working to expand its presence in the global market.
|
|
7
|
Australia
|
151.7
|
Major LNG export capacity; production growth expected to slow due to field depletion.
|
|
8
|
Norway
|
116.6
|
Major supplier to the EU; increased production to respond to European demand.
|
|
9
|
Saudi Arabia
|
114.1
|
Gradually increasing production; plans to start exporting natural gas by 2030.
|
|
10
|
Algeria
|
101.5
|
Producing more than in previous years; significant LNG export capacity, mainly to Europe.
|