An eventful 2014 in the world oil and gas markets was headlined by the US overtaking Saudi Arabia as the world’s biggest oil producer and surpassing Russia as the world’s largest producer of both oil and gas, BP PLC said in its 64 th Statistical Review of World Energy released June 10. The US last year recorded the largest oil output growth in the world at 1.6 million b/d, becoming the first country ever to increase production by at least 1 million b/d for 3 consecutive years. Along with the US, oil production in Canada, up 310,000 b/d, and Brazil, up 230,000 b/d, also reached record levels in 2014, the report notes. While production outside the Organization of Petroleum Exporting Countries increased 2.1 million b/d—the largest increase in BP’s dataset—OPEC output was flat and the group’s share of global production fell to 41%, its lowest since 2003. Global oil […]