BP has stated in a report that the U.S. has overtaken Saudi Arabia and Russia as the world’s largest oil producer in 2014. The push over the top was significantly assisted by U.S. producers of shale oil. According to a FuelFix report, U.S. daily oil production rose by 1.6 million barrels in 2014, earning the title of the world’s highest growth for the year and the first time in three years that any oil-producing nation increased daily production by more than 1 million barrels. These numbers beat the previous peak in 1970, and made the U.S. the world’s largest oil producer for the first time since 1975. U.S. firms also accounted for nearly 80 percent of the increase in total natural gas supplies in 2014.
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