Last year was a stormy one for oil markets. BP’s latest annual data highlight the US overtaking Saudi Arabia as the world’s largest oil producer and a sharp slowing in Chinese energy consumption.

Growth in global oil production was more than double that of consumption last year, as the US shale oil boom and a sharp fall in China’s energy consumption undermined benchmark oil prices. The BP Statistical Review of World Energy 2015 shows that oil and NGLs production rose by 2.1mn b/d in 2014, while consumption grew by only 800,000 b/d (see table, p15). (CONTINUED - 1051 WORDS)