The United States surged ahead of Saudi Arabia to become the world’s largest oil producer last year, according to BP’S Statistical Review of World Energy 2015.
U.S. energy production rose by 6.5 percent in 2014, the largest increase in U.S. history, with oil production growing by a record breaking 1.6 million barrels per day to 11.6 million bpd.
According to BP, the United States is now the largest oil producer in the world, taking over the top spot from long time oil powerhouse Saudi Arabia.
According to OPEC, Saudi Arabia pumped 10.1 million bpd in April.
The production gains mark the third straight year that the United States has added at least 1 million barrels per day, a first for any country.
U.S. natural gas producers saw the largest growth rates in the world last year, with natural gas production jumping by 39.2 billion cubic meter last yer.
Booming domestic production also helped drive U.S. net oil imports down from 5.1 million bpd to 1.1 million barrels per day, the lowest level since 1985.
Domestic production was able to meet an impressive 89 percent of U.S. energy demand.
According to the report, nuclear power was the only type of fuel to record above-average growth rates in 2014.
Consumption growth was “significantly below” the 10-year average for Asia Pacific, Europe and Eurasia and South and Central America.
Worldwide oil production growth in 2014 was more than double the global consumption growth rate, with global producers adding 2.1 million bpd last year.
Global primary energy consumption ticked up by just 0.9 percent in 2014, a “marked deceleration” over 2013 and well below the 10-year average of 2.1 percent, the report said.
Oil was still the world’s leading fuel in 2014, accounting for 32.6 percent of global energy consumption, but lost market share for the fifteenth consecutive year.