The U.S. dominated global natural gas production until the 1980s, at which time it ceded the lead to Russia. The Middle East has also grown its natural gas production at a rapid pace over the past 50 years and was on a trajectory to overtake the U.S. and Russia as the world’s leading natural gas-producing region.
But then the fracking boom in the U.S. reversed years of decline and began to boost production in 2005. Natural gas production in the U.S. doubled from 2005 to 2022, which pushed the U.S. back into the global lead among natural gas producers.
In 2022, U.S. production grew by 3.6% to a new all-time high of 94.7 billion cubic feet per day (BCF/d). This new record eclipsed the previous record set in 2021. The U.S. retained a commanding 24.2% share of global production, followed by Russia (15.3% share) and Iran (6.4% share).
Diversified Energy Company plc (LON:DEC), formerly Diversified Gas & Oil plc, is a gas and oil production company operating in the Appalachian Basin in the United States.
