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The United States has overtaken 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 US produced 15.9 per cent more oil in 2014 at 11.6 million barrels per day to topple Saudi Arabia's 11.5 million bpd, according to BP Plc's Statistical Review of World Energy, released on Wednesday.
Russia, with 10.8 million bpd oil production was placed third. The US surpassed Russia as the world's largest producer of oil and gas, producing 1,250.4 million tonnes of oil and oil equivalent natural gas in 2014. This compared with Russia's 1,062 million tonnes of oil equivalent.
India posted a 7.1 per cent rise in energy consumption, fastest among major economies and second only to Algeria's 8.4 per cent expansion. It consumed 637.8 million tonnes of oil and oil equivalent natural gas, coal, nuclear energy, hydro electricity and renewable energy.
India's oil production declined 1.3 per cent to 895,000 bpd, but consumption rose three per cent 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 US (17.79 million bpd), China (14.09 million bpd) and Russia (6.3 million bpd).
Natural gas production dipped 5.9 per cent to 31.7 billion cubic meters.
BP Group Chief Executive Bob Dudley said: "The eerie calm that had characterised 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.
