US becomes world’s largest oil producer, surpasses Saudi Arabia: BP Report
As per recently released report by British Petroleum (BP) Energy Company, United States (US) became the world’s largest oil producer in 2014 surpassing Saudi Arabia.
It was reveled in BP Energy Company report tilled Statistical Review of World Energy.
Key facts from Report
- Oil production: US had produced 11.6 million barrels of oil per day (bpd) i.e. 15.9% more oil in 2014.
- While, Saudi Arabia was placed second position as it had produced 11.5 million bpd in 2014.
- Russia was placed at third position with 10.8 million bpd oil production.
- Natural gas: US also has surpassed Russia as the world’s largest producer of natural gas. In 2014, US had produced 1,250.4 million tons of oil equivalent natural gas.
- Russia had produced 1,062 million tons of oil equivalent natural gas in 2014.
- Consumption side: Primary energy consumption had slowed markedly with growth of just 0.9% in 2014. It was a lower rate than at any time since the late 1990s.
- Growth in consumption of China has slowed to its lowest level since 1998. The main reason for is due to its economy rebalances which are away from energy intensive sectors. But China had remained the world’s largest growth market for energy in 2014.
- China had consumed 2972.1 million tons of oil equivalent energy. US had consumed 2298.7 million tons. Japan had consumed 456.1 million tons oil equivalent energy. Russia had consumed 681.9 million tons oil equivalent energy.
- Facts related to India: India’s oil production gad declined by 1.3% at 895,000 bpd, while the consumption had increased by 3% to 3.8 million bpd.
- India has shown 7.1% rise in energy consumption. It is the fastest consumption among major economies. It had consumed 637.8 million tons of oil and oil equivalent natural gas, coal, nuclear energy, hydroelectricity and renewable energy.
- Refining: India is self-sufficient and fourth largest in refining capacity with 4.3 million bpd. Top three nations are US (17.79 million bpd), China (14.09 million bpd) and Russia (6.3 million bpd).