Natural gas producers and importers: who supplies and who buys

The largest natural gas producers and importers sit on opposite sides of a market that moved a record 4,197 bcm in 2025. The United States produced 25.6% of the world's gas (1,074 bcm), Russia 14.5% (609 bcm), Iran 6.3% (265 bcm) and China 262 bcm, according to the Energy Institute and China's National Bureau of Statistics. On the buying side, China (67 MT), Japan (66 MT) and South Korea (49 MT) were the largest LNG importers, while Europe, importing 126 MT of LNG plus about 150 bcm by pipeline, was the fastest-growing market.

Gas is the second-largest fossil fuel, a quarter of global primary energy, and the only one whose international trade runs on two physically separate systems: pipelines, which lock buyer and seller together for decades, and LNG, which turns gas into a seaborne commodity but concentrates supply in three exporters and a handful of maritime chokepoints. That structure is why the closure of the Strait of Hormuz in 2026 repriced gas in Tokyo, Rotterdam and Delhi within days.

Key numbers

Natural gas producers: who supplies the market

Production and export are different rankings. Iran, the third producer, exports little gas (pipeline volumes to Türkiye and Iraq) because sanctions block LNG. Russia, the second producer, lost most of its European pipeline market after 2022 and cut output 3% in 2025; Power of Siberia to China reached its 38 bcm design capacity but cannot absorb the 150 bcm Europe used to take. The United States is the only country that is simultaneously the largest producer, the largest consumer (913 bcm in 2025) and the largest LNG exporter, on the strength of shale output growing 3.8% a year for a decade.

Reserves concentrate elsewhere: Russia, Iran and Qatar hold the three largest proven reserves, Qatar and Iran sharing the North Field/South Pars, the largest gas field on earth.

Natural gas importers and consumers: who buys and for what

The United States (913 bcm, 21.8%), Russia (480 bcm) and China (442 bcm) consumed 44% of global gas in 2025. Growth is now concentrated in Europe (+4.2%), the Middle East (+2.9%) and Africa (+3.6%); the Asia-Pacific region grew only 0.3% as India (-5.9%) and Pakistan (-7.8%) cut back on price. Gas-fired power grew just 0.6% globally, so most demand growth came from industry and chemicals, per the Energy Institute.

Import dependence is the key demand-side number: Europe and India rely on imports for about half their gas, China for over a third, per the Energy Institute's 2026 review. Japan, South Korea and Taiwan import essentially all of theirs, as LNG.

Source: GIIGNL Annual Report 2026. Europe as a whole imported 126.3 MT (+29%), Asia 271 MT (-4%).

Pipeline trade adds the other half of the picture: Norway delivered 89 bcm to the EU and Russia 36 bcm in 2025 (Commission data), Russia sent 38 bcm to China via Power of Siberia, Canada exports about 80 bcm a year to the United States and the US in turn pipes gas to Mexico. See Europe's gas import dependence for the EU breakdown.

Supply chain chokepoints

Liquefaction is concentrated. The US (109 MT), Qatar (80.5 MT) and Australia (78.8 MT) supplied 62% of LNG in 2025. Qatar's entire 77 MTPA sits in one complex, Ras Laffan, which Iranian missiles struck on 18 March 2026, taking 12.8 MTPA offline for what QatarEnergy estimates at three to five years.

Maritime routes. About 20% of world LNG (all Qatari and Emirati cargoes) passes the Strait of Hormuz, closed since February 2026; there is no pipeline bypass for LNG. Cargoes to Northeast Asia from the Gulf and Africa cross the Strait of Malacca; Qatar-to-Europe cargoes normally use Suez and Bab el-Mandeb, both exposed to Houthi attacks since 2023; US Gulf cargoes to Asia depend on Panama Canal slots or the Cape route.

Pipelines are single points of failure. Nord Stream (55 bcm/y) was destroyed in September 2022; Ukrainian transit ended on 1 January 2025; TurkStream is now Russia's only route to the EU; Power of Siberia is China's only Russian line. A single Norwegian outage at Troll or Kollsnes moves the TTF.

Shipping and infrastructure inputs. LNG carriers come almost entirely from three Korean yards and Hudong-Zhonghua in China; 343 vessels are on order against a fleet of 899. Ice-class tankers are the binding constraint on Russia's Arctic LNG 2. Regasification capacity (1,247 MTPA) is not the constraint: European terminals ran near 60% utilisation in 2025.

Policy controls. US export authorisations (the 2024 non-FTA pause froze FIDs for a year), EU Regulation 2026/261 banning Russian gas by 2027, Australia's domestic reservation scheme from 2027 and EU methane rules all shape where gas can legally flow.

Price dynamics

There is no single world gas price. Three regional benchmarks set the tone: Henry Hub in the US (averaged $3.52/MMBtu in 2025, per EIA), TTF in the Netherlands for Europe, and JKM for Northeast Asian spot LNG. Long-term Asian and Qatari contracts are still largely indexed to oil (JCC or Brent), which is why oil shocks feed into gas bills with a lag. The spread between Henry Hub and TTF or JKM is what makes US LNG exports profitable: US cargoes leave when the destination price exceeds Henry Hub plus liquefaction and shipping, roughly $3 to $4/MMBtu.

Shocks are regional first, global second. In 2022 Russia's cuts sent TTF above €300/MWh while Henry Hub stayed under $10. In 2026 the Hormuz closure lifted JKM to about $25/MMBtu in March from $9 to $11 before the war, dragged TTF up 60% in the month and to €84/MWh by September, and widened both against Henry Hub, according to GIIGNL. The 2025 baseline had been the opposite: TTF fell about 45% over the year as US supply grew and Chinese LNG demand fell 15%. Contract structure matters as much as volume: 35% of LNG now trades spot or short-term, so price signals move cargoes within weeks.

Historical disruptions

Companies and assets along the chain

Upstream. ExxonMobil, EQT and Expand Energy (US shale), Gazprom and Novatek (Russia), QatarEnergy, CNPC and Sinopec (China's Sichuan shale), Equinor (Norway), Woodside and Chevron (Australia), Petronas (Malaysia).

Liquefaction and LNG portfolios. Cheniere and Venture Global (US), QatarEnergy with ExxonMobil, Shell, TotalEnergies and ConocoPhillips as partners, Shell and TotalEnergies as the largest portfolio traders, Woodside, Santos and INPEX in Australia.

Buyers. JERA and Tokyo Gas (Japan), KOGAS (Korea), CPC (Taiwan), Petronet and GAIL (India), CNOOC, PetroChina and ENN (China), Engie, Eni, Naturgy, SEFE and Uniper (Europe).

Midstream and shipping. Nakilat, MOL, NYK, GasLog, Flex LNG and CoolCo (LNG carriers); Hanwha Ocean, Samsung Heavy and HD Hyundai (shipbuilding); Gassco, Snam, Fluxys and GRTgaz (pipelines and terminals in Europe); Kinder Morgan, Williams and Energy Transfer (US pipelines).

Exposure to the 2026 crisis. Nakilat's fleet and QatarEnergy's long-term buyers face force majeure risk; US exporters recorded record volumes and margins; Asian utilities with high Qatari shares (Petronet, KOGAS, CPC) are the most exposed buyers. Descriptive only: the encyclopedia does not publish recommendations.

What to watch

• Production and storage: EIA Natural Gas Monthly and weekly storage report (US); GIE AGSI+ (Europe); China NBS monthly output.
• Trade flows: GIIGNL and IGU annual reports, Kpler or Vortexa cargo tracking, and EIA's quarterly Global Energy Security Data for chokepoint volumes.
• Prices and spreads: Henry Hub, TTF and JKM, and the TTF-JKM spread that decides where Atlantic cargoes go.
• Capacity pipeline: FIDs and start-ups (Golden Pass, Plaquemines Phase 2, CP2, Rio Grande, Qatar North Field East, LNG Canada Phase 2), plus the Ras Laffan repair schedule.
• Policy: EU Regulation 2026/261 deadlines, US export authorisations, Australia's reservation scheme and sanctions on Russian LNG logistics.

FAQ

Which country produces the most natural gas? The United States, with 1,073.7 bcm in 2025, 25.6% of world output, according to the Energy Institute. Russia is second (609.4 bcm, 14.5%), Iran third (264.8 bcm) and China fourth (262 bcm). Together the top four produce about 53% of global gas.

Which countries import the most natural gas? For LNG in 2025: China (67.0 MT), Japan (65.9 MT), South Korea (48.7 MT), India (25.3 MT) and Taiwan (23.5 MT), per GIIGNL. Counting pipeline gas, the EU is the largest importing bloc at roughly 289 bcm in 2025 (about half as LNG), and China the largest single importing country once its 38 bcm of Russian pipeline gas and Central Asian supply are added.

Who are the biggest LNG exporters? The United States (109.1 MT, 26% of trade), Qatar (80.5 MT) and Australia (78.8 MT) in 2025, followed by Russia (about 31 MT across Yamal and Sakhalin), Malaysia (27.3 MT), Nigeria (14.2 MT) and Indonesia (15.9 MT). The top three account for about 62% of global LNG supply.

What is the price of natural gas? It depends on the region. The US benchmark Henry Hub averaged $3.52/MMBtu in 2025 and traded near $3 in September 2026; the European TTF benchmark reached €84/MWh (about $28/MMBtu) in mid-September 2026, its highest since 2022, because of the Hormuz closure; Asian spot LNG (JKM) peaked around $25/MMBtu in March 2026. Long-term Asian contracts are still mostly linked to oil prices.

Why does the Strait of Hormuz matter for natural gas? About 20% of the world's LNG, all of Qatar's and the UAE's exports, passes through it, and there is no pipeline alternative. Its closure in 2026 removed over 300 million cubic metres a day from the market and, combined with missile damage to Qatar's Ras Laffan plant, pushed spot LNG prices in Asia and Europe to their highest levels since 2022.

How much of the world's gas is traded as LNG? Roughly 428 to 437 million tonnes in 2025, equivalent to about 580 to 600 bcm, or 14% of global consumption. Pipeline trade is of similar size. LNG's share is rising: over 200 MTPA of new liquefaction capacity is under construction, mostly in the US and Qatar.