U.S. was Biggest Producer of Oil in 2014

The United States overtook Saudi Arabia in 2014 as the largest oil producer in the world, while India recorded the highest growth in usage of energy amongst major economies.

The U.S. produced almost 16% more oil during 2014 at over 11.6 million barrels daily to pass Saudi Arabia’s production of 11.5 million barrels a day, according a statistical review released Wednesday.

Russia with over 10.8 million barrels a day in oil production was third. The U.S. passed Russia as the largest producer of oil and gas in the world by producing 1,250.3 million tons of oil and its equivalent in natural gas during 2014. This was in comparison to the 1,062 million tons produced by Russia.

BP said the shale revolution in the U.S. helped the country to overtake Saudi Arabia as the biggest producer of oil in the world and to surpass Russia as the world’s biggest producer of combined oil and gas.

On the side of consumption, BP’s statistical review said the primary energy consumption in the world slowed markedly in 2014, with growth of only 0.9% for the year, a rate that was lower than any time since the 1990s.

Growth in China in consumption slowed to the lowest level in 17 years as the economy there rebalances away from sectors that are energy intensive, though the country remained the largest growth market in the world for energy.

India however posted a rise of 7.1% in the consumption of energy, which is the fastest amongst major economies and only second to Algeria’s overall 8.4% expansion.

India consumed 637.8 million tons of oil, natural gas, nuclear energy, coals renewable energy and hydro electricity during 2014.

This consumption was dwarfed by that of China of 2972.1 million tons of energy consumed and 2,298.6 million tons for the U.S.

It was lower as well than that of Russia’s 681.8 million tons however more than the 456.2 million by Japan.

While the oil production of India declined by 1.3%, its consumption increased by 3%. India depended heavily on imports to meet its needs of oil, it is self sufficient in its refining capacity, housing a complete capacity of more than 4.3 million barrels daily, fourth largest globally behind just the U.S., China and Russia.

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