Page 10 - ITAtube Journal 3 2025

Market information
Figure 4: The largest Producers of Natural Gas as of 30th of November 2025
Source: TheMerchantsNews.substack.com
The US, at ~934 bcm today, is the largest
gas producer and a gas superpower with
growth potential (Figure 4). Domestic con-
sumption is about 88% of production; 12%
is exported as LNG.
Russia (~702 bcm) is the second-largest
gas producer and the largest pipeline
exporter, but sanctions and disrupted
flows have created a structural disadvan-
tage.
It must be realized that Russia has the
largest reservoir of proven gas reserves
with about 1.688 Tcf (Trillion Feet³) com-
pared to only 322,2 Tcf in the US (Figure 5).
Iran and Qatar hold also large reserves;
Qatar is expanding LNG capacity; Iran’s
reserves are constrained by sanctions and
infrastructure.
Key takeaways:
  US LNG terminals dominate Atlantic
Basin flows
  Qatar continues to anchor long-term
supply agreements in Asia.
  Russia has largely lost its influence as
Europe restructures its gas imports.
  Asia, including China, is becoming a
structurally long-term LNG buyer.
  Middle Eastern exporters are rising as
flexible swing suppliers.
The remaining global surplus has created
the fastest-growing export engine in the
energy sector.
Future gas security will be shaped primar-
ily by two poles: the United States, offering
flexibility, and Qatar, providing reliability.
Regions such as Europe, which lack ade-
quate connections to international natural
gas pipeline networks, are now heavily
dependent on LNG. These regions face sig-
nificantly higher prices for LNG compared
with pipeline gas.
LNG consumers encounter cost levels
of roughly 11–13 USD/MMBtu, which is
Figure 5: The Top 10 Countries ranked by proven Gas Reserves as per 2025
Source: TheMerchantsNews.substack.com
approximately 300% higher than typical
pipeline-supplied natural gas (Figure 6).
These additional costs affect regions that
cannot access affordable pipeline gas,
making LNG a predominantly short-term
solution to secure supply. The recently10 ITAtube Journal December 2025