The US and Organization for Economic Cooperation and Development’s European members witnessed steady natural gas output over the 10 years leading up to 2005, according to the US-based Energy Information Agency’s latest analysis report. Natural gas consumption of European members grew steadily at a rate of 2 percent higher than the average annual output growth rate, while US consumption remained stable. However, the tide turned after 2005.
US shale gas production has witnessed rapid growth momentum since 2005, with output growth rate two times that of consumption. In 2012, US natural gas output reached 24 trillion cubic feet, while natural gas consumption rose by merely 16 percent to 25.2 trillion cubic feet in the same period. The increased consumption was due to the electric power industry. US net imports of natural gas have dropped by 58 percent since 2005.
However, natural gas production from OECD European members has fallen slightly since 2005, largely due to a sharp fall in UK production. In 2012, UK natural gas output dropped to 1.4 trillion cubic feet, more than half of 2005 output, offsetting Norway's output growth.
OECD European member natural gas consumption fell 7 percent to 17.9 trillion cubic feet during the 2005-2012 period. The UK, Germany and Italy accounted for two-thirds of the drop. OECD European members’ natural gas imports dipped only 6 percent during the same period.