Global Natural Gas Production: Which Countries Lead the Market in 2024?

The global natural gas sector is experiencing significant shifts as energy markets adapt to geopolitical tensions and the transition toward cleaner energy. Understanding which nations dominate natural gas production by country is essential for energy investors and stakeholders seeking to navigate this evolving landscape.

The Current State of Global Natural Gas Markets

In 2023, worldwide natural gas production reached 4.05 trillion cubic meters, marking a modest increase from 4.04 trillion cubic meters the prior year, according to the Energy Institute. However, beneath this seemingly stable headline lies a dramatically restructured market. Global demand for natural gas grew by just 0.5 percent in 2023, a reflection of competing pressures: rising renewable energy adoption in developed markets, pandemic recovery driving consumption in Asia, and geopolitical disruptions reshaping supply chains.

The Ukraine conflict has fundamentally altered the natural gas production by country landscape, particularly in Europe. Russia, historically a dominant supplier to the EU, saw its market share collapse. European nations received merely 14 percent of their natural gas requirements from Russia in 2023, plummeting from 45 percent in 2021. This seismic shift has repositioned global energy flows, with production capacity increasingly valued based on geographic location and export capabilities.

The Top Natural Gas Producers: A Detailed Breakdown

Leading Producers and Their Output

United States dominates global production with 1.35 trillion cubic meters in 2023, representing nearly a quarter of worldwide output. This commanding position stems from technological breakthroughs—horizontal drilling and fracking have unlocked vast shale reserves. The Appalachia region alone contributed 29 percent of US total output. Notably, US natural gas production climbed 4.2 percent year-over-year, driven by robust international demand. Through the first seven months of 2024, American exports reached 4.42 billion cubic meters, up 3.3 percent from the comparable 2023 period.

Beyond production, the US has solidified its role as the world’s largest liquefied natural gas (LNG) exporter, a title it claimed in the first half of 2022. Domestic consumption remains substantial—886.5 billion cubic meters in 2023—primarily for residential heating and electricity generation. The Energy Information Administration projects continued production growth through 2050, fueled by sustained international LNG appetite.

Russia, the second-largest producer, generated 586.4 billion cubic meters in 2023, despite facing substantial headwinds. The nation’s production contracted 5.2 percent year-over-year as European demand evaporated. However, Russia retains the world’s largest proven natural gas reserves, with state-owned Gazprom commanding 16.3 percent of global reserves. Moscow has strategically redirected energy exports eastward; in September 2024, natural gas transiting through Ukraine totaled 1.26 billion cubic meters en route to other markets. Yet this critical corridor is set to close at year-end 2024 when Ukraine’s transit agreement expires, potentially intensifying regional energy tensions.

Iran ranks third in natural gas production by country, contributing 251.7 billion cubic meters and roughly 6 percent of global supply. The nation boasts the world’s second-largest reserves and has tripled its output over the past decade. Iran and Qatar jointly operate the world’s largest natural gas field—Iran’s South Pars and Qatar’s North Dome. Tehran intends to boost capacity by 30 percent within five years through an $80 billion investment program. A landmark development in early October saw Iran and Russia sign a long-term supply agreement, with Gazprom committed to delivering 109 billion cubic meters annually. This partnership may strengthen Iran’s domestic capacity while supporting re-exports to Turkey, Pakistan, and Iraq.

China emerged as the fourth-largest producer with 234.3 billion cubic meters in 2023, an all-time record. Since 2013, Chinese output has surged 92.3 percent as government policy incentivized the transition from coal to cleaner-burning natural gas. However, China still imports roughly half its natural gas, sourcing from Australia, Turkmenistan, the United States, Malaysia, Russia, and Qatar. As the world’s largest LNG importer, China registered a 7.2 percent increase in natural gas demand in 2023. Unconventional sources—shale, coalbed methane, and natural gas hydrates—now account for approximately 43 percent of China’s total output. Significantly, China has stockpiled underground natural gas reserves ahead of winter, positioning itself to weather supply disruptions and potentially reducing costly LNG spot purchases if economic growth remains sluggish.

Mid-Tier Producers Reshaping Supply Chains

Canada produces 190.3 billion cubic meters annually and holds 83 trillion cubic feet of proved reserves, primarily concentrated in the Western Canadian Sedimentary Basin. The nation supplies the US almost exclusively through pipelines—99 percent of American natural gas imports originated from Canada in 2022. A transformative development is underway: the LNG Canada project and Coastal GasLink pipeline reached 95 percent completion as of mid-September. First shipments to Asian markets are targeted for mid-2025, positioning Canada to join the global LNG export club and diversifying North American energy trade.

Qatar, the sixth-largest producer, delivered 181 billion cubic meters in 2023 and commands the third-largest proven natural gas reserves globally. The bulk resides in the offshore North Field, shared with Iran. Qatar ranks third worldwide in LNG exports and is aggressively expanding. In early 2024, the nation unveiled plans to increase capacity from its world-leading field to 142 million metric tons annually by 2030. The North Field West expansion alone will contribute an additional 16 million metric tons of liquefied natural gas yearly.

Australia’s production reached 151.7 billion cubic meters, with nearly all reserves concentrated in North West Shelf gas fields feeding seven LNG projects. Australia boasts the world’s second-largest operating LNG export capacity. However, challenges loom: Santos warned of declining production in 2024 as its Bayu-Undan offshore field nears depletion. The Australian government’s Future Gas Strategy (May 2024) aims to prevent east coast shortages by 2028 and west coast shortages by 2030 through increased production, though energy producers have flagged concerns about mid-decade supply gaps.

Norway produces 116.6 billion cubic meters and has strategically replaced Russia as Europe’s primary natural gas supplier. In 2023, Norway supplied 30.3 percent of EU natural gas, a dramatic shift from Russia’s former dominance. The Norwegian government approved 19 oil and gas projects in mid-2023 and licensed 37 additional blocks in May 2024, demonstrating commitment to European energy security. Nevertheless, production is forecast to contract slightly in 2025, declining 1.6 percent to 121 billion cubic meters.

Emerging and Developing Producers

Saudi Arabia ranks ninth with 114.1 billion cubic meters, having steadily increased output since 2013. The kingdom does not currently export natural gas but intends to begin in 2030. Saudi Aramco is developing the Jafurah field, the country’s largest unconventional gas resource. In July 2024, Aramco awarded $12.6 billion in contracts to expand Jafurah production. These initiatives support Saudi Arabia’s broader strategy to displace crude oil and diesel-fired generators with natural gas and renewables by 2030.

Algeria completes the top ten with 101.5 billion cubic meters, a year-over-year increase from 97.6 billion cubic meters in 2022. The North African nation possesses the world’s fifth-largest LNG export capacity. Nearly 85 percent of Algerian exports flowed to Europe in 2022, a percentage that has likely increased given European demand surge. In May 2024, Algeria signed hydrocarbon development agreements with ExxonMobil and Baker Hughes to boost production and exports, tapping into European nations’ urgent search for Russian gas alternatives.

Investment Implications and Market Outlook

The reshaping of natural gas production by country reflects both opportunity and risk. Supply diversification away from Russia has benefited North American producers and incentivized expansion across the Eastern Hemisphere. LNG infrastructure investments signal confidence in long-term demand, despite renewable energy’s rising share in electricity generation.

China’s record domestic output and strategic reserve stockpiling position the nation as a stabilizing force in volatile markets. Meanwhile, Middle Eastern producers—Iran, Qatar, and Saudi Arabia—are leveraging reserves to strengthen regional geopolitical positioning while capturing premium prices in competitive export markets.

European nations have successfully reduced Russian natural gas imports, though the transition remains costly. Alternative suppliers—Norway, the US, Australia, and North Africa—are ramping production, yet pipeline constraints and LNG bottlenecks periodically tighten margins.

For investors, natural gas production by country data reveals a market in transition: proven reserves remain abundant (estimated 53-year supply at current consumption), technology enables unconventional extraction, and geopolitics continues driving structural shifts. The sector offers exposure to energy independence initiatives, emerging market infrastructure development, and the paradoxical reality that natural gas may serve as a bridge fuel during the decades-long transition to renewable energy dominance.