US becomes world’s biggest oil producer in 2014

Russia with 10.8 million bpd oil production was placed third.

BP said the US shale revolution helped it overtake “Saudi Arabia as the world’s biggest oil producer and surpass Russia as the world’s largest producer of oil and gas.”

On the consumption side, BP Statistical Review said world primary energy consumption slowed markedly, with growth of just 0.9 per cent in 2014, a lower rate than at any time since the late 1990s (other than in the immediate aftermath of last decade’s financial crisis).

Chinese growth in consumption slowed to its lowest level since 1998 as its economy rebalances away from energy intensive sectors, though China remained the world’s largest growth market for energy.

“These events may well come to be viewed as symptomatic of a broader shifting of the tectonic plates that make up the energy landscape, with significant developments in both the supply of energy and its demand. Our task as an industry is to meet today’s challenges while continuing  to invest to meet tomorrow’sdemand, safely and sustainably,” he added.