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.