U.S. held top spot since April 2014, according to IEA Output in U.S. has dipped by 460,000 barrels a day since May Saudi Arabia has retaken the position of the world’s top oil producer from the U.S., according to the International Energy Agency. “Saudi Arabia’s elevated oil production has allowed it to overtake the U.S. and become the world’s largest oil producer,” the Paris-based IEA said in its monthly report on Tuesday. While Saudi Arabia has added an extra 400,000 barrels a day of output from low-cost fields since May, about 460,000 barrels a day of “high-cost” production has been shut down in the U.S. America has been the world’s largest producer of crude and other liquid hydrocarbons since April 2014 following the shale oil boom. U.S. output in August stood at 12.2 million barrels a day, including natural gas liquids, according to the IEA. The drop in U.S. […]