US becomes the world largest oil producer surpassing Saudi Arabia while India has recorded the highest growth rate in energy consumption.

The United States has overtaken Saudi Arabia a the world largest oil produser overtaking Saudi Arabia as per 2014 statistics. Russia now took the third position after Saudia Arabia. While on the other hand, India has posted the highest growth rate in energy consumption
The US produced 15.9% more oil in 2014 at 11.6 million barrels of oil per day to topple Saudi Arabia's 11.5 million bpd production, according to BP Plc's Statistical Review of World Energy released on Wednesday. 

India posted a 7.1% rise in energy consumption, fastest among major economies while Algeria was second with 5.4%. India oil production decreased with 1.3 % but its oil consumption increased by 3%.
BP said the US shale revolution helped it overtake "Saudi Arabia as the world's biggest oil producer and surpass Russia as the world's largest producer of oil and gas." 

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 US (17.79 million bpd), China (14.09 million bpd) and Russia (6.3 million bpd) 

Thursday, June 11, 2015