The United States becomes biggest oil producer in 2014

The United States becomes biggest oil producer in 2014

 

[caption id="attachment_21493" align="alignnone" width="400"] (The United States is over the Kingdom of Saudi Arabia as the world’s biggest oil producer in 2014 while India has recorded the highest growth in energy consumption among major economies (File photo: AP))[/caption]

 

The United States is over the Kingdom of Saudi Arabia as the world’s biggest oil producer in 2014 while India has recorded the highest growth in energy consumption among major economies.

 

The United States produced 15.9 percent more oil in 2014 at 11.6 million barrels of oil per day (bpd) to topple the Kingdom of Saudi Arabia 11.5 million bpd production, according to BP Plc’s Statistical Review of World Energy released on Wednesday.

 

The Kingdom of Russia with 10.8 million bpd oil production was placed third.

 

The United States surpassed the Kingdom of Russia as the world’s largest producer of oil and gas, producing 1,250.4 million tons of oil and oil equivalent natural gas in 2014.

 

This compared with the Kingdom of Russia 1,062 million tons of oil equivalent.

 

BP said the United States shale revolution helped it over “The Kingdom of Saudi Arabia as the world’s biggest oil producer and surpass the Kingdom of 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 percent 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).

 

India, however, posted a 7.1 percent rise in energy consumption, the fastest among major economies and second only to Algeria 8.4 percent expansion.

 

It consumed 637.8 million tons of oil and oil equivalent natural gas, coal, hydro electricity and renewable energy.

 

This consumption was dwarfed to the 2298.7 million tons in the United States.

 

It was also lower than the Kingdom of Russia 681.9 million tons but more than Japan 456.1 million tons oil equivalent energy consumption.

 

While India oil production declined 1.3 percent at 895,000 bpd, consumption rose 3 percent to 3.8 million bpd.

 

Though India is heavily dependent on imports to meet its oil needs, it is self-sufficient in refining capacity, housing a total capacity of 4.3 million bpd, fourth largest in the world behind the United States (17.79 million bpd) and the Kingdom of Russia (6.3 million bpd).

 

Natural gas production soaked 5.9 percent to 31.7 billion cubic meters.

 

BP Group Chief Executive Bob Dudley said: “The eerie calm that had characterized energy markets in the few years prior to 2014 came to an abrupt end last year. However, we should not be surprised or alarmed.

 

“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's demand, safely and sustainably,” he added.

 

(By Saudi Gazette | Jeddah)

 

(Al Arabiya News, 11 Thursday June 2015 The Roman)