US becomes world’s largest oil producer, surpasses Saudi Arabia: BP Report [ Current Affairs ]

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The United States (US) became the world’s largest oil producer in 2014 surpassing Saudi Arabia which released by British Petroleum (BP) Energy Company. Ranking by Oil producer country-

  • US had produced 11.6 million barrels of oil per day (bpd) i.e. 15.9% more oil in 2014.
  • 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.

Ranking by Natural gas producer country-

  • The US also became the world’s largest producer of natural gas in 2014 surpassing Russia.
  • In 2014, US had produced 1,250.4 million tons of oil equivalent natural gas.
  • Russia was placed second position with 1,062 million tons of oil equivalent natural gas in 2014.

Since 1998, Growth in consumption of China has slowed to its lowest level. 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 and the 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.

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. But India has shown 7.1% rise in energy consumption.

In refining- India is self-sufficient and fourth largest in refining capacity with 4.3 million bpd. Other three nations are US (17.79 million bpd), China (14.09 million bpd) and Russia (6.3 million bpd) consists first, second and third position respectively.

- Published on: June 23, 2015