Global Natural Gas Consumption (2024)

FAQs

What is the global consumption of natural gas? ›

Worldwide natural gas consumption has stagnated over the past three years. In 2023, natural gas consumption worldwide amounted to roughly four trillion cubic meters.

World Gas Reserves

The world has proven reserves equivalent to 52.3 times its annual consumption. This means it has about 52 years of gas left (at current consumption levels and excluding unproven reserves).

Natural gas consumed for power generation declined by 7.7% (3.2 Bcf/d) week over week. Natural gas consumption in the industrial sector increased by 1.2% (0.3 Bcf/d) week over week, and consumption in the residential and commercial sector increased by 9.6% (0.8 Bcf/d).

Natural gas prices increased across all key markets in the second quarter of 2024, reflecting tighter market fundamentals. For the full year of 2024, natural gas demand is forecast to increase by 2.5% in 2024, primarily driven by fast-growing Asian markets.

Conclusion: how long will fossil fuels last? It is predicted that we will run out of fossil fuels in this century. Oil can last up to 50 years, natural gas up to 53 years, and coal up to 114 years. Yet, renewable energy is not popular enough, so emptying our reserves can speed up.

Gas Consumption in Nigeria

Nigeria consumes 3,043 cubic feet of natural gas per capita every year (based on the 2017 population of 200,254,579 people), or 8 cubic feet per capita per day.

Assuming the same annual rate of U.S. dry natural gas production in 2021 of about 34.52 Tcf, the United States has enough dry natural gas to last about 86 years.

Natural gas, on the other hand, does not have an unlimited amount. With the lack of this fundamental characteristic, it is not considered a renewable resource. Like coal and oil, natural gas comes from a depleting source that cannot be replenished over time and is thus referred to as a nonrenewable resource.

Renewable natural gas (RNG) is a pipeline-quality gas that is fully interchangeable with conventional natural gas and thus can be used in natural gas vehicles. RNG is essentially biogas (the gaseous product of the decomposition of organic matter) that has been processed to purity standards.

We forecast U.S. consumption of natural gas to average about 90 Bcf/d in 2025, which is about the same as our forecast for total consumption in 2024. However, we expect that LNG exports will rise by more than 2 Bcf/d (17%) next year as export capacity expands.

Is there a natural gas shortage? ›

The natural gas shortage has been growing at a rapid rate in recent years. Demand for natural gas has steadily increased because of its clean-burning properties, low-cost, and until recently, accessibility.

About 40% of the fuel goes to electric power production and the remainder is split between residential and commercial uses, such as heating and cooking, and industrial uses.

Natural Gas Price Predictions 2024

The agency forecast the Henry Hub price to average less than $2.00/MMBtu in 2Q24 and about $2.20/MMBtu for all of 2024.

Global gas markets stay in fragile equilibrium, with limited supply growth as demand rises steadily, up by 1.5% in 2023, with an expected acceleration to 2.1% by the end of 2024. Asia continues to be the key engine of this growth, while North America and the Middle East are in the lead on the exports.

Because natural gas demand spikes in the winter, producers use underground pressurized storage that builds inventories from spring until mid-fall. During the winter heating season, this storage is depleted.

Fossil fuels remain the greatest source of electricity generation worldwide. In 2023, coal accounted for roughly 35.5 percent of the global power mix, while natural gas followed with a 23 percent share.

The residential sector consumes 4,888 trillion Btu's of natural gas per year. That is used for home heating, cooking, water heating and pool water heating. Around 61 % of households in the USA use natural gas with an average consumption of around 74,401,600 Btu's/year.

Energy Sources in the United States

Natural gas: 31.8% Petroleum (crude oil and natural gas plant liquids): 28% Coal: 17.8% Renewable energy: 12.7%