US is the world's largest oil producer in 2014, according to BP's Statistical Review of World Energy.
Ahead of Saudi Arabia for the first time ever, the US is the first country to increase average annual production by at least one million barrels per day for three consecutive years, overtaking Russia to become the world’s largest producer of oil and gas.
According to the annual report, energy demand is at its slowest rate of growth since the late 1990s, other than immediately after the financial crisis.
Despite remaining the world’s largest growth market for energy, China's consumption growth has slowed to its lowest rate since 1998. Oil and gas consumption demand was weaker than production. Meanwhile, the EU saw its lowest consumption level since 1985.
Record non-OPEC production has driven oil prices down, although OPEC has maintained its production to protect its market share.
The report states the changing fuel mix, coupled with falling energy demand has led to a reduction in carbon emissions.