The US overtook Saudi Arabia as the world’s biggest oil producer in 2014 by producing 15.9% more oil at 11.6 million barrels of oil per day to surpass Saudi Arabia’s 11.5 million bpd production.
Russia was on third place with 10.8 million bpd oil production, according to BP Plc’s Statistical Review of World Energy.
The US surpassed Russia as the world’s largest producer of oil and gas by producing 1,250.4 million tons of oil and oil equivalent natural gas as compared to Russia’s 1,062 million tons in 2014.
The shale oil revolution has helped US to reach this milestone.
- India has recorded the highest growth in energy consumption among major economies. According to BP Statistical Review, world primary energy consumption slowed with a growth of mere 0.9% in 2014.
- Since 1998 China’s growth in consumption slowed to its lowest, though it has remained as world’s largest growth market for energy.
- India showed fastest rise in energy consumption among major economies with 7.1% rise in energy consumption after Algeria with 8.4% expansion. India consumed 637.8 million tons of oil, natural gas, coal, nuclear energy, hydro electricity and renewable energy.
- India’s oil production declined 1.3% at 895,000 bpd, consumption rose 3% to 3.8 million bpd
- India is heavily dependent on imports to meet its oil needs, but it is self-sufficient in refining capacity, the fourth largest in the word with a total capacity of 4.3 million bpd, behind the US (17.79 million bpd), China (14.09 million bpd) and Russia (6.3 million bpd).