Russia has been the largest exporter of natural gas for decades, and it is likely to remain in the top spot for another 20 years, according to the International Energy Agency (IEA).
In a report released on November 13, the IEA said Russia would continue to be the world’s largest gas exporter until 2040 or later, leaving the U.S. in its current position of second place. Russian gas export volumes will reach 290 billion cubic meters per year by 2030, up by 26% on 2018 levels, it said, and will rise by another 16% to reach 336 billion cubic meters per year by 2040.
The IEA report also predicted that the U.S. would be producing more oil and gas than Russia by 2025. Additionally, it said that Russian oil output was on track to average 11.1 million barrels per day (bpd) in 2025 but would drop to 9.4 million bpd by 2040.