World natural gas consumption in 2021 for the first time in history exceeded 4 TCM, - BP

According to the results of 2021, the world's natural gas consumption for the first time in history exceeded 4 trillion cubic meters (TCM) - and amounted to 4.038 TCM, 5.3% higher than the previous year (3.846 TCM). This is stated in the annual report Statistical Review of World Energy 2022 from BP.

World natural gas production also increased by 4.8% to 4.037 TCM. Thus, world gas production and consumption are almost comparable.

Demand for natural gas in Europe in 2021 increased by 5.7%, reaching a maximum over the past 10 years - more than 571 bcm. At the same time, gas production in Europe fell to its lowest level since 1975 - to 210.4 bcm.

Europe imported 341 bcm of natural gas in 2021 (excluding pipeline supplies from Norway to other countries in the region - about 113 bcm). Of these, 232.8 bcm were pipeline supplies (including 167 bcm from Russia and 37.2 bcm from Africa), and 108.2 bcm were LNG supplies.

The most LNG in Europe last year were supplied by the United States (30.8 bcm), Qatar (22.5 bcm), Russia (17.4 bcm), Algeria (15.4 bcm), and Nigeria (13 bcm).

The United States remains the largest producer of gas and at the same time its largest consumer. Thus, in 2021 the country extracted more than 934 bcm of gas, while consuming - almost 827 bcm.

Global LNG supplies continue to grow. Thus, in 2021 they reached 516 bcm, 5.6% more than previous year. BP notes that this is the lowest growth rate of LNG supplies since 2015 (except for 2020).

LNG supplies from the United States grew the most - by 55% (or 34 bcm) - to 95 bcm of LNG in 2021. The United States ranked third among TOP LNG exporters in 2021. Australia exported the most LNG - 108 bcm (+ 2.2%) and Qatar - 106.8 bcm (+ 0.6%).

Asia remains the largest buyer of LNG. However, for the first time in history, China came out on top LNG importers (109.5 bcm), surpassing Japan (101.3 bcm).

Note that LNG supplies will continue to grow. For example, in the coming years, Europe plans to significantly expand its LNG reception infrastructure to diversify supplies and replace Russian gas after Russia started the war in Ukraine.

14:22 / 29 June 2022

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