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World oil production and consumption

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OIL OPEC US CHINA
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Published: 08/10/2015 Rating:
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World oil production significantly outpaced consumption in 2014, rising by 2.1 million b/d; all of the growth was in non-OPEC countries, which recorded a record increase.

US output grew by 1.6 million b/d, its largest increase on record. OPEC production was essentially flat, with declines among African OPEC producers offset by rising

Middle East output. Global consumption increased by 840,000 b/d, with emerging economies accounting for all of the growth; China saw a below-average increase but

still accounted for the largest increment to consumption.

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