Global natural gas market

World trade of goods is performed in markets where supply and demand take place according to product prices. Natural gas market has its own characteristics. Natural gas is produced as gas and transfered by pipelines. But it can also be transported as LNG (liquid) once it is liquified in a processing plant. That´s why natural gas can either be traded as gas or as LNG. Producing countries have gas pipeline networks for gas distribution to its product consumers or to LNG plants with an LNG terminal, for ship loading. LNG importing countries have receiving LNG terminals to unload the product from LNG carriers and to regasify it.

Let’s highlight some 2023 data for this market (*). On demand side, global consumption was 4,010 bcm (144.4 Exajoules). Top regional consumers were: North America (27.5%) and the Asia Pacific (23.3%). Both had a share of 51% of total consumption. Top country consumers were: U.S. (22.1%) , Russia (11.3%) and China (10.1%) with a combined share of 43.5%. Each country consumption is normally supplied by local production if available, by pipeline gas imports, by LNG imports as well, or by a combination of each one. In 2023 a total of 677 bcm (55%) of natural gas was traded by pipeline and 549 bcm as LNG (45%). Regionally top natural gas importers were Europe (46.1%) and Asia Pacific (38.5%). Europe traded natural gas mostly by pipeline (67%) and Asia Pacific as LNG (83%).

On supply side, global natural gas production was 4,059 bcm (146.1 Exajoules). Top regional producers were North America (31.1%), CIS countries (19.1%) and the Middle-East (17.6%) with a combined share of 67.7%. Major country producers were the U.S. (25.5%) and Russia (14.4%).

For 2024 Natural gas demand review please check the following link.

2024 Global Natural Gas demand review

(*) 2024 Statistical Review of World Energy - The Energy Institute

bcm Billion cubic meters

CIS Commonwealth of Independent States