A market-driven launch

According to Argo, its analysis suggests that around 8.2 million retail investors could be open to investing in the yellow metal, representing a US$5.45 billion annual investment opportunity.

Data from the World Gold Council shows that annual gold investment reached a four year high of 1,180 metric tons in 2024, a 25 percent increase. In addition, Q4 demand value hit US$111 billion.

“This took 2024 over the line to reach the highest-ever annual value of US$382 billion,” the council notes.

Simplifying gold investment

Argo believes its gold investment platform brings a number of new elements to the table.

“(Our platform) is designed to provide retail investors with direct access to high-quality physical gold holdings. The platform was initially launched with a robust inventory of gold insured and securely stored with a trusted sovereign custodian, ensuring sufficient liquidity to meet investor demand,” the company said via email.

Argo is also committed to eliminating transaction fees to encourage investors to buy and sell gold.

“We have a highly competitive and transparent storage fee of just 0.12 percent, which is significantly lower than traditional gold investment options,” Petch said, adding that this eliminates hidden charges and high markups.

The platform exclusively holds Argo’s assets at present, but the company is open to expansion in the future.

“We are open to strategic partnerships and collaborations with reputable gold suppliers, institutions and investment platforms that align with our commitment to transparency and investor security,” Petch said.

Additional precious metals, in all their forms, will be added to the platform at a later date. There are also plans to integrate additional offerings, such as direct deposits and crypto-to-gold conversions in the future.

“Our founding team’s long-standing success in the precious metals markets and asset management industry gives us deep confidence in Argo Digital Gold’s expansion into the US,” Argo Co-Founder and Chair Peter Grosskopf added.

“As we introduce a modernized platform to the process of buying one of the world’s oldest alternative assets, (we are) seeking to disrupt the US$3.2 trillion gold investment industry by enabling easy and direct ownership of precious metals.’

On payments and privacy

Argo supports automated clearinghouse and wire transfers, with additional payment options to be added later.

When asked about security, Argo said it has implemented stringent data protection measures to safeguard user data, including industry-standard encryption, secure authentication protocols and compliance with regulatory frameworks.

“Our platform operates with a zero-compromise approach to privacy, ensuring that personal and financial details are protected against unauthorized access,” Petch said. He also noted that all gold holdings are fully insured and stored with trusted institutional partners for an added layer of security and confidence for Argo’s investors.

Gold growth

According to Argo, gold has demonstrated an impressive average annual growth rate of 8 percent in US dollars since 1971, supported by its inverse correlation to the stock market in periods of risk.

The precious metal has reached multiple new highs in 2025 already, breaking US$2,950 per ounce on February 20 on the back of ever-increasing global turmoil, including tariff talks and tensions between Russia and Ukraine.

Even so, many market watchers believe gold’s run isn’t over.

“How much higher? It is hard to say, but a real all-time-high of just under US$3,500 is less than 35 percent higher than where we are today. That seems doable,” Lobo Tiggre, CEO of IndependentSpeculator.com, said at the end of 2024.

Investor takeaway

Bitcoin is a fascinating asset. Simultaneously a transactional tool and a speculative commodity, it’s attracted the attention of investors almost since it first hit the market. Unfortunately, it’s also incredibly volatile.

For that reason, while current market conditions are favorable for anyone considering buying Bitcoin, it is an asset you should purchase only at your own risk. Because while Bitcoin may have the potential for significant returns, you may also lose most of your investment. If that knowledge doesn’t bother you, then by all means, purchase away.

Otherwise, there are better — less volatile — options for your capital.

FAQs for buying Bitcoin

Bitcoin and Ethereum price update

Bitcoin (BTC) is currently trading at US$84,419.28, reflecting a decrease of 4.4 percent over the past 24 hours. The day’s trading range has seen a high of US$88,223.72 and a low of US$82,445.07.

“The price evolution in the coming days will largely depend on market sentiment and how major players respond to global economic conditions. While some see risk in the current situation, others view it as an opportunity to accumulate positions at lower prices, anticipating an eventual recovery.”

Ethereum (ETH) is priced at US$2,330.15, marking a loss of 6.6 percent over the same period. The cryptocurrency reached an intraday high of US$2,453.70 and a low of US$2,265.72.

Altcoin price update

• Solana (SOL) is currently valued at US$135.33, down 6.5 percent over the past 24 hours. The cryptocurrency recorded an intraday high of US$139.64 and a low of US$130.96.

• XRP is trading at US$2.22, reflecting a 3.4 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.29 and a low of US$2.17.

• Sui (SUI) is priced at US$2.88, showing a 2 percent decrease over the past 24 hours. It achieved a daily high of US$3.03 and a low of US$2.75.

• Cardano (ADA) is trading at US$0.6535, reflecting a 3.9 percent decrease over the past 24 hours. Its highest price on Wednesday was US$0.6831, with a low of US$0.6351.

Crypto news to know

Bybit investigates Lazarus hack, offers reward

Bybit has launched a public appeal and a new website to investigate and track wallet addresses following a hack last week. The attack saw the group Lazarus drain US$1.4 billion from the exchange’s hot wallet. The company’s CEO, Ben Zho, said Bybit is offering a 5 percent reward for information that helps recover stolen assets.

The Bybit hack led to a significant crypto market correction, with Bitcoin, Ethereum, Solana and meme coins all seeing substantial price declines. At the same time, US spot Bitcoin exchange traded funds saw outflows totaling US$937.9 million on Tuesday (February 25), their largest daily net outflow since inception.

Oklahoma advances bill proposing Bitcoin investment

Oklahoma House Bill 1203, known as the Strategic Bitcoin Reserve Act, passed a House Committee vote on Tuesday, advancing for consideration on the floor. The bill was introduced by Representative Cody Maynard (R) on January 15, and would allow the Oklahoma state treasurer to invest public funds in Bitcoin, as well as any digital asset, including stablecoins, with a market cap of US$500 billion or more over the previous calendar year.

South Dakota lawmakers reject Bitcoin reserve proposal

A proposal to add Bitcoin to South Dakota’s state reserves has failed to gain traction, as lawmakers voted to postpone the bill indefinitely during a legislative session on Monday (February 24).

The bill, which sought to make South Dakota the first US state to hold Bitcoin as a treasury asset, was seen as a potential breakthrough for state-level Bitcoin adoption. However, after deliberation, the state’s House Commerce and Energy Committee voted to delay the bill indefinitely, signaling that it will not be revisited this session.

Supporters of the bill had argued that Bitcoin could serve as a hedge against inflation and offer a decentralized alternative to traditional reserve assets. Critics, however, raised concerns over the cryptocurrency’s price volatility and regulatory uncertainty, questioning whether it is a suitable asset for state reserves. Some lawmakers also suggested that South Dakota should wait for more regulatory clarity before making such a move.

Despite the setback, analysts believe other states may still move forward with Bitcoin reserve proposals this year. According to the Bitcoin Reserve Monitor, at least 18 states are currently exploring the idea. Among them, Florida, Utah, Arizona and Texas remain the most likely to push for Bitcoin reserves in 2025.

SEC ends Uniswap investigation, boosting DeFi confidence

The US Securities and Exchange Commission (SEC) has officially closed its investigation into Uniswap Labs, marking a significant moment for the decentralized finance (DeFi) sector.

Uniswap, the leading decentralized exchange, had been under scrutiny since April 2024, when the SEC issued a Wells notice suggesting the platform may have been operating as an unregistered securities exchange.

However, the regulator has now decided against further enforcement, effectively clearing Uniswap of wrongdoing.

Following the news, Uniswap’s governance token UNI jumped 5 percent as investors welcomed the regulatory clarity. In a statement, Uniswap called the decision a “win for DeFi and decentralized technology,” emphasizing that DeFi platforms operate differently from centralized financial entities and should not be subject to the same regulations.

This development comes amid major shifts at the SEC, following Gary Gensler’s departure in early 2025.

Under Acting Chair Mark Uyeda and Commissioner Hester Peirce, the agency has been reevaluating its approach to crypto regulation, leading to the closure of multiple investigations, including those for Robinhood Crypto and OpenSea.

Bank of America eyes stablecoin launch

According to Fortune, Bank of America CEO Brian Moynihan told a group of investors gathered at the Economic Club of Washington, DC, that the bank is ready to launch a stablecoin if legislation to regulate the industry passes in both chambers of Congress. The Lummis-Gillibrand Payment Stablecoin Act, the Clarity for Payment Stablecoins Act of 2024 and the most recently introduced stablecoin bill, the GENIUS bill, are currently being considered.

1. China

Mine production: 240,000 metric tons

In 2023, China’s domestic output of rare earths was 240,000 metric tons, up from 210,000 MT the previous year.

As mentioned, China has dominated rare earths production for quite some time. While China dominates global production of the vast majority of the 17 different rare earth elements, its output is heavily concentrated in light rare earths, specifically the magnet rare earths neodymium and praseodymium.

The largest rare earth mining company in the world is China Northern Rare Earth High-Tech (SHA:600111), which owns the prolific Bayan Obo rare earth mining complex in Inner Mongolia.

Chinese producers must adhere to a quota system for rare earths production. The 2023 quota for rare earths mining and rare earths separation was set at to 240,000 metric tons and 230,000 metric tons of rare earth oxides (REO) equivalent, respectively. Interestingly, this system has led China to become the world’s top importer of rare earths since 2018.

The quota system is a response to China’s longstanding problems with illegal rare earths mining. For more than a decade, the country has taken steps to clean up its act, including shutting illegal or environmentally non-compliant rare earths mines, and limiting production and rare earths exports.

China’s rare earths industry is controlled by state-owned miners, in theory allowing China to keep a strong handle on production. However, illegal rare earths extraction remains a challenge, and the Chinese government continues to take steps to curb this activity.

The Chinese government is set to introduce even tougher regulations requiring companies involved in the mining, smelting and trading of rare earths to maintain detailed records of product flow and input this data into a traceability system. These new regulations are set to take effect in October of 2024.

2. United States

Mine production: 43,000 metric tons

The US produced 43,000 metric tons of rare earths in 2023, up from 42,000 MT in the previous year.

Rare earths supply in the US currently comes only from the Mountain Pass mine in California, which is owned by MP Materials (NYSE:MP). Mountain Pass is producing high-purity neodymium and praseodymium (NdPr) oxide, a key material for high-strength neodymium iron boron (NdFeB) magnets.

The mine has had an interesting decade. Previously owned by Molycorp, the mine was put on care and maintenance in 2015 due to low rare earths prices and Molycorp filing for bankruptcy. Mountain Pass re-entered production in Q1 2018 under its new ownership.

The US is a major importer of rare earth materials. The USGS estimates the value of US rare earth imports for 2023 at US$190 million, down from US$208 million in 2022. The country has classified rare earths as critical minerals, a distinction that has come to the fore due to trade issues between the US and China.

Aiming to bolster its domestic supply, the US government is implementing a 25 percent tariff on rare earth magnet imports from China. “The tariff rate on natural graphite and permanent magnets will increase from zero to 25 percent in 2026. The tariff rate for certain other critical minerals will increase from zero to 25 percent in 2024,” states a May statement from the White House. “Concentration of critical minerals mining and refining capacity in China leaves our supply chains vulnerable and our national security and clean energy goals at risk.’

3. Myanmar (also known as Burma)

Mine production: 38,000 metric tons

Myanmar mined 38,000 metric tons of rare earths in 2023. This was an increase of more than 216 percent from the 12,000 MT Myanmar produced in 2022, as supply was down due to a temporary halt in production associated with the turmoil following the 2021 military coup.

Its 2023 production rebounded to surpass the 35,000 MT Myanmar produced in 2021. According to the International Energy Agency (IEA), since 2015, Myanmar’s share of global rare earth production has surged from 0.2 percent to 14 percent. Unsurprisingly, the temporary halt in Myanmar’s production in the late summer of 2022 sent rare earth prices to their highest level in 20 months, as per OilPrice.com.

China, who shares a border with Myanmar, obtains 70 percent of its medium to heavy rare earths feedstock from its neighbor, including dysprosium and terbium. Myanmar’s rare earths industry is plagued with controversy as much is reportedly carried out by unregulated small-scale miners and linked with armed militia groups with no environmental best practices or remediation plans in place.

Ironically, the act of mining these metals critical for clean energy technologies such as EVs and wind turbines is itself fraught with environmentally destructive practices that are harming the waterways, wildlife and vegetation in Myanmar.

4. Australia

Mine production: 18,000 metric tons

In 2023, Australia’s rare earths production came in at 18,000 metric tons, on par with 2022 after rising steadily for the last few years. representing more than 5 percent of the global total. That’s compared to the 24,000 MT produced in 2021. The country holds the world’s sixth largest rare earths reserves, and is poised to increase its output. According to the IEA, Australia’s share of global rare earth elements production is projected to rise to 18 percent by 2030.

Lynas (ASX:LYC,OTC Pink:LYSCF) operates the Mount Weld mine and concentration plant in the country, and is slated to complete its expansion project to boost production to 12,000 MT per year of NdPr products by 2025. Mount Weld ranks among the world’s top rare earth mines, and Lynas is the the leading producer of rare earths outside of China.

Australian company Northern Minerals (ASX:NTU,OTC Pink:NOURF) is undertaking a definitive feasibility study for its Browns Range mining and process plant to process, which is due for completion in Q4 2024 with a final investment decision targeted for Q1 2025. Its main products will be terbium and dysprosium.

5. Thailand

Mine production: 7,100 metric tons

Thailand’s rare earths production came in at 7,100 metric tons in 2023, level with the prior year. However, the country’s rare earth production has ramped up rapidly in recent years. Thailand’s output of rare earths in 2018 was just 1,000 MT and by 2021 it had hit 8,200 MT.

While there’s not much information available on Thailand’s rare earth industry, after Myanmar, the country is a major source of rare earth imports for China. As far as downstream rare earths product makers, Neo Performance Materials’ (TSX:NEO) subsidiary Neo Magnequench operates a rare earth magnetic materials manufacturing facility in Korat, Thailand.

Recently, Chinese electric vehicle giant BYD (OTC Pink:BYDDF,HKEX:1211,SZSE:002594) is opening a US$486 million EV manufacturing facility in the country. The Financial Times reports that ‘analysts expect Chinese EV makers to penetrate further into south-east Asia because Thailand has lower tariffs on fully assembled EVs for companies that have pledged to build EV factories there, and most of them are Chinese.’

6. India

Mine production: 2,900 metric tons

India’s 2023 production was 2,900 metric tons, unchanged from the previous year. The country’s output represents less than 1 percent of global rare earths supply. India’s rare earths production is far below its potential, considering the nation holds almost 35 percent of the world’s total beach sand mineral deposits, which are significant sources of rare earths.

India joined the Minerals Security Partnership (MSP) in mid-2023, a multi-nation group led by the United States and focused on the creation of critical mineral supply chains, including for rare earths.

Much of the country’s rare earth exploration and mining is being conducted under the auspices of the Government of India via Indian Rare Earths Limited (IREL), which was established in 1950. Furthermore, the government is establishing research and development into new technologies for extracting and processing rare earth minerals.

7. Russia

Mine production: 2,600 metric tons

Russia produced 2,600 metric tons of rare earths in 2023, nearly the same level as the previous five years. In terms of global rare earths reserves, Russia ranks third after China and Brazil. TriArk Mining, a joint venture owned by industrial conglomerate Rostec and billionaire Alexander Nesis, is the main player in Russia’s rare earth sector, and is developing the Tomto rare earths deposit.

Prior to the country’s aggressive war against Ukraine, the Russian government was allegedly “unhappy” with its supply of rare earths. The Russia-Ukraine war has raised concerns over disruptions to the US/Europe rare earths supply chain.

Russia has reportedly reduced mining taxes and offered discounted loans to investors in nearly a dozen projects intended to increase the nation’s share of global rare earths production from the current 1.3 percent to 10 percent by 2030.

8. Madagascar

Mine production: 960 metric tons

Madagascar recorded rare earths extraction of 960 metric tons in 2023, on par with the previous year and down dramatically from 6,800 MT in 2021.

The country’s Ampasindava peninsula is reportedly home to 628 million metric tons of ionic clays with a significant concentration of rare earths, particularly dysprosium, neodymium and europium. It’s considered one of the largest rare earth deposits outside China. Whether or not it is ever developed is up in the air.

The declining in rare earths production in recent years is due in large part to increasing opposition to rare earths mining on the part of farmers who are strongly against mining activity in their communities.

In April 2024, Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) agreed to acquire Base Resources and its advanced Toliara heavy mineral sands project in Southwest Madagascar. Energy Fuels plans to separate monazite sands from Toliara’s Ranobe deposit at its White Mesa mill in Utah, US.

9. Vietnam

Mine production: 600 metric tons

Vietnam’s rare earths production came in at 600 metric tons in 2023, a fall from 1,200 MT in 2022. Vietnam holds the world’s second largest known rare earths reserves, including several rare earth deposits against its northwestern border with China and along its eastern coastline.

The country’s government is interested in building its clean energy capacity, including solar panels, and is said to be looking to produce more rare earths for its supply chain for that reason. It has set a goal of extracting and processing 2 million metric tons of rare earths per year by 2030.

However, serious corruption charges in October of 2023 that led to the arrests of top industry executives, including the chairman of Vietnam Rare Earth JSC, has hamstrung those plans. ‘The arrests stalled government plans to auction new rare earth mining concessions and cast a cloud of uncertainty over the industry that has given foreign investors pause,’ reported Asia Times.

10. Brazil

Mine production: 80 metric tons

Brazil produced just 80 metric tons of rare earths in 2023, although the country holds reserves of 21,000,000 MT. Back in 2012, a US$8.4 billion rare earths deposit was discovered in Brazil.

In August 2024, St. George Mining (ASX:SGQ) announced its plans to acquire the Araxa niobium-rare earths project located in Minas Gerais, Brazil. It is adjacent to CBMM’s flagship niobium mine, which is a prolific producer of niobium.

Another significant rare earths project in Brazil is Resouro Strategic Metals’ (TSXV:RSM,ASX:RAU) Tiros titanium-rare earths project located in Minas Gerais. In July, Resource published a maiden JORC-compliant mineral resource estimate for the central block of Tiros; the resource estimate stands at 1.7 billion MT, divided into 1 billion MT in the measured and indicated category, and 700 million MT in the inferred category. It contains 3,900 parts per million (ppm) total rare earth oxides, 1,100 ppm magnet rare earth oxides and 12 percent titanium dioxide.

10. Malaysia

Mine production: 80 metric tons

Malaysia produced 80 metric tons of rare earths in 2023, on par with its output in the previous year and tying with Brazil for 10th place. Malaysia hosts the world’s fourth largest rare earth reserves.

Malaysia represented the second biggest source for US rare earth imports in 2023 at 11 percent, according to the USGS, up from 8 percent in the previous year. Australia’s Lynas (ASX:LYC,OTC Pink:LYSCF) sends its mined material for refining and processing to its plant in Malaysia.

The Malaysian government has imposed a temporary ban on the export of unprocessed rare earths materials as of January 1, 2024, in an effort to grow its downstream value-added rare earths industry.

1. United States

Production: 1.35 trillion cubic meters

The US is by far the largest producer of natural gas in the world with production of 1.35 trillion cubic meters of natural gas in 2023, representing nearly a quarter of global natural gas production. Its output has increased by more than 350 billion cubic meters in the past decade owing to the increasing cost of coal, and advancements in extraction technology such as horizontal drilling and hydraulic fracturing, also known as fracking.

In addition to being a major natural gas producer, the US is also the biggest consumer of the fuel. In 2023, US demand for natural gas totaled 886.5 billion cubic meters, primarily for home heating and generating electricity. In the first half of 2022, Reuters reported that the US became the world’s largest exporter of liquefied natural gas (LNG) as the country increased shipments to Europe due to Russia’s war in Ukraine, and it continues to hold that title.

In 2023, the Appalachia region led US natural gas production, contributing 29 percent of the total output. However, production growth has been hampered by limited pipeline capacity, restricting the transport of gas to demand markets.

For 2024, the US exported a record volume of LNG, at an estimated 86.9 million metric tons, following a 10th consecutive year of record production. However, its up just 0.8 percent over 2023 figures.

High international demand and steady domestic consumption growth will keep the US a net exporter of petroleum products and natural gas through 2050. Despite the shift to renewable electricity generation, US natural gas production is expected to rise due to increased international demand for liquefied natural gas, according to the US Energy Information Administration’s (EIA) Annual Energy Outlook 2023.

In early 2025, in response to US tariff threats from new President Donald Trump, China slapped a 15 percent tariff on US LNG imports. According to the Financial Press, the US accounted for about 6 percent of China’s LNG consumption in 2024.

2. Russia

Production: 586.4 billion cubic meters

The second largest exporter and producer of natural gas in the world, Russia produced 586.4 billion cubic meters of natural gas in 2023. The country also holds the biggest-known natural gas reserves on the planet. The country’s state-owned energy group Gazprom reportedly holds a 16.3 percent share of global natural gas reserves. Novatek is another of the country’s main gas producers.

“Historically, production was concentrated in West Siberia, but investment has shifted in the past decade to Yamal and Eastern Siberia and the Far East, as well as the offshore Arctic,” according to the International Energy Agency.

Europe’s rejection of Russian natural gas products led to a 41 percent decline in revenues for the country’s producers in the first three quarters of 2023, reported Reuters.

Despite the conflict between Russia and Ukraine, the latter has remained a crucial corridor for Russian natural gas into the EU. In September 2024, Russian natural gas exports that traveled through Ukraine totaled 1.26 billion cubic meters.

However, this is likely to change for 2025 as Ukraine let its Russian gas transit agreement expire at the start of the year, a move that analysts expect will intensify the energy tensions between the two countries. This cuts off the major route through which Russian natural gas flows to Europe, potentially disrupting supply chains and raising concerns over energy security across the region.

3. Iran

Production: 251.7 billion cubic meters

Iran is the third largest natural gas-producing country, representing about 6 percent of global output. The Middle Eastern nation ranks second in terms of natural gas reserves. However, its natural gas infrastructure is far behind the top two natural gas producers.

Iran has tripled its natural gas production in the past decade, becoming the Middle East’s largest producer. Iran and Qatar share the world’s largest natural gas field. Iran’s portion is known as South Pars and Qatar’s is North Dome.

Iran plans to boost its production capacity by 30 percent within five years, supported by an US$80 billion investment in its gas fields, according to the nation’s Oil Minister Javad Owji. However, Qatar’s expansion of liquefied natural gas production in North Dome poses a challenge to Iran’s output ambitions.

Turkey and Iraq are major importers of Iranian natural gas, while Turkmenistan and Armenia have swap deals with Iran.

In early October 2024, Iran and Russia signed a long-term natural gas supply deal, with Russia’s Gazprom committing to supply 109 billion cubic meters of gas to Iran annually. The agreement will boost Iran’s gas capacities, and the country plans to use the gas domestically and for re-export to countries like Turkey, Pakistan and Iraq.

The deal could also enhance regional energy security and counter the impact of sanctions such as the US ones on Iran’s energy sector.

4. China

Production: 234.3 billion cubic meters

China’s natural gas production reached 234.3 billion cubic meters in 2023, an all-time record. In recent years, China’s government has incentivized the transition from coal to natural gas to reduce air pollution and meet emissions targets. Between 2013 and 2023, natural gas production in China grew by 92.3 percent, from 121.8 billion cubic meters in 2013.

China still relies on imports to meet about half of its demand. Australia, Turkmenistan, the US, Malaysia, Russia and Qatar are some of its biggest providers.

“In March 2022, China’s government released its 14th Five-Year Plan (2021-25), which sets the domestic natural gas production target at 22.3 (billion cubic feet per day) by 2025, or 3.0 (billion cubic feet per day) more than domestic production in 2021,” according to the US EIA.

Unconventional gas sources such as shale, coal-bed methane and natural gas hydrates accounts for an estimated 43 percent of China’s total gas output.

Noted in a September 2024 Bloomberg report, China had significantly increased its underground natural gas storage ahead of winter, reflecting preparation for both peak demand and possibly reduced consumption due to a slowing economy.

China’s increased domestic gas production, long-term LNG contracts and a sluggish economy, combined with expanding renewable energy, challenge future gas demand growth.

5. Canada

Production: 190.3 billion cubic meters

Canada produced 190.3 billion cubic meters of natural gas in 2023, and the country holds 83 trillion cubic feet of proved natural gas reserves. The Western Canadian Sedimentary Basin (WCSB) is the prime source of the majority of Canada’s natural gas production. In addition to the WCSB, offshore fields near Newfoundland and Nova Scotia, the Arctic region and the Pacific coast hold significant natural gas reserves.

Canada is also a top natural gas exporter, relying exclusively on pipelines, with the US as its only trading partner. In 2022, 99 percent of all US natural gas imports came from its neighbor to the north. The fact that Canada lacks LNG infrastructure makes it an unlikely potential source for meeting Europe’s natural gas needs in lieu of Russia.

According to the data from the Government of Canada, natural gas production rose in 2023, averaging 17.9 billion cubic feet per day. In December, output hit 18.8 billion cubic feet per day. Notably, production levels exceeded 18 billion cubic feet per day for eight of the 12 months.

In mid-September 2024, LNG Canada provided an update on the LNG Canada project and the Coastal GasLink pipeline, which LNG Canada CEO Jason Klein said is now 95 percent complete. First shipments are scheduled for mid-2025.

Once finished, the pipeline will be used to export Canadian natural gas to Asian markets, “putting Canada on the global map of LNG exporting countries and creating a world-leading LNG industry in British Columbia and Canada.”

In 2025, US President Trump has threatened to place 10 percent tariffs on energy imports from Canada, including natural gas. The move has led to increased calls for cross-Canada pipeline building and expansion of trade partners.

6. Qatar

Production: 181 billion cubic meters

Qatar is the sixth largest natural gas producer and hosts the third largest proved natural gas reserves in the world. The majority of its reserves are located in the world’s largest natural gas field, the offshore North Field, which it shares with Iran.

The Middle Eastern country also ranks as the third largest natural gas exporter and is third in the world in LNG exports as of October 2023. In recent years, Qatar has made moves to capitalize further on its resources in an effort to expand its footprint in the international natural gas market. Statista reports that state-owned Qatar Petroleum is looking “to increase its LNG export market to compete with Russian LNG deliveries.”

In early 2024 Qatar unveiled plans to increase production from the world’s largest natural gas field, aiming to raise capacity to 142 million metric tons per annum by 2030.

The North Field expansion, referred to as North Field West, is anticipated to contribute an additional 16 million metric tons of liquefied natural gas annually to the existing expansion efforts.

7. Australia

Production: 151.7 billion cubic meters

Since 2009, Australia has added 113 billion cubic meters of natural gas production. Nearly all of Australia’s natural gas resources are located in the massive gas fields on the North West Shelf, “providing feedstock to seven LNG projects.”

Australia’s LNG exports have grown exponentially over the past decade as several new production facilities have come online. Australia had the second largest operating LNG export capacity in the world in 2024.

In late 2023, major Australian energy company Santos said it expects a decline in its natural gas production for 2024 as its Bayu-Undan offshore gas field in the Timor Sea is nearing depletion.

The federal government released its Australia’s Future Gas Strategy in May 2024. The initiative focuses on ensuring energy security and supporting the transition to net-zero by 2050 by boosting natural gas production. The government plan highlights the need for new gas supplies to prevent shortages by 2028 on the east coast and 2030 on the west coast.

While supportive of the plan, Australia’s energy producers have raised concerns of potential gas supply shortfalls by the end of the decade amid global market volatility.

Meg O’Neill, chair of Australian Energy Producers, highlighted that without action, Australia’s east and west coasts could face shortages by 2028 and 2030, respectively, which could drive up energy prices.

8. Norway

Production: 116.6 billion cubic meters

Norway is the world’s eighth largest natural gas producer and third largest natural gas exporter. The Scandinavian country has understandably replaced Russia as the major supplier to the European natural gas market. In 2023, Norway reportedly accounted for 30.3 percent of natural gas supplied to the EU.

Norway’s natural gas companies have ramped up production in response to increased demand. In mid-2023 the government gave the green light to 19 oil and gas extraction projects in the country.

In early 2024, some concern arose that the industry may face headwinds from a proposal by a climate change committee to temporarily suspend new licenses while the government decides on a climate strategy. However, in May 2024 the government offered licenses for 37 new blocks and emphasized the industry’s importance to Norway and Europe.

Near-term gas production is forecasted to contract slightly in 2025 according to the Norwegian Budget Bill released in early October 2024. The country’s natural gas output is expected to decline by 1.6 percent, from 123 billion cubic meters in 2024 to 121 billion cubic meters in 2025.

9. Saudi Arabia

Production: 114.1 billion cubic meters

The ninth largest natural gas-producing country, Saudi Arabia has seen its output steadily increase since 2013, reaching a record 116.7 billion cubic meters in 2022.

Mordor Intelligence reports that this production growth was due in large part to increased development of standalone natural gas wells. State-run Saudi Aramco has awarded contracts to energy companies looking to develop the country’s largest unconventional gas field, Jafurah, located near the Persian Gulf.

Currently the country does not export its natural gas production; however, the government plans to begin natural gas exports by 2030. According to the EIA, Saudi Arabia is working to replace “crude oil, fuel oil, and diesel-powered electric generators with natural gas and renewable energy generation by 2030, which will likely increase domestic natural gas demand.”

In late 2023, Saudi Arabia began investing in the LNG market with Saudi Aramco buying a stake in MidOcean Energy, which is set to acquire interests in four Australian LNG projects. In July 2024, Aramco awarded contracts worth US$12.6 billion to expand production in the Jafurah field.

10. Algeria

Production: 101.5 billion cubic meters

Rounding out the top 10 natural gas-producing countries is Algeria, which produced 101.5 billion cubic meters of natural gas in 2023. The country’s output increased year-over-year from 97.6 billion cubic meters in 2022.

Algeria has the sixth largest LNG export capacity in the world. In 2022, nearly 85 percent of the country’s exports went to feed Europe’s natural gas demand. Italy signed an agreement with Algeria last year to increase the amount of natural gas it imports from the North African country.

From 2023 to 2028, the Algerian government expects to see its natural gas production increase by 1.4 percent annually.

In late May 2024, Algeria signed two key hydrocarbon deals with US firms one with ExxonMobil (NYSE:XON) and the other with Baker Hughes (NASDAQ:BKR), to boost its natural gas production and enhance exports to Europe. This comes as European nations seek alternatives to Russian gas amid rising demand.

FAQs for gas investing