US overtakes Saudi Arabia as world's top oil producer

The US "shale oil revolution" has helped it become the world's largest producer of oil in 2014, according to a BP report.

BP's statistical review of world energy was published on Wednesday, and showed the US had leaped ahead of Saudi Arabia to take the world number one top spot in extracting the fossil fuel.

In 2014, the US pumped out 11.6 million barrels a day, almost 16 percent more than in 2013. Saudi Arabia was close behind, with 11.5 million barrels.

The report also showed that the US had also overtaken Russia to become the world's biggest producer of both oil and gas.

Energy consumption in the Middle East increased by 4.4 percent and made up 6.6 percent of global energy consumption.

The Middle East countries accounted for 31.7 percent of all oil production, and 17.3 percent of gas production.

Oil prices have slumped from $115 a barrel in June 2014 to $45 a barrel in January 2015.

This was largely due to less demand and a massive glut of oil in the market caused by an huge increase of shale oil supplies in the US.

A surge in demand during the first three months of 2015 helped stabilise prices at $65, but the International Energy Agency on Thursday said that this was likely to fall again.

"More than the rise in demand itself, it is that mismatch between product supply and product demand that seems to have supported prices," the Paris-based agency said.

"That particular source of support might soon wane, as long-delayed refineries eventually reach full production."