Economics
Saudi Arabia Ousts U.S. as Biggest Oil Producer, IEA Says
- U.S. held top spot since April 2014, according to IEA
- Output in U.S. has dipped by 460,000 barrels a day since May
IEA's Parry: China, Europe, India Lead Oil Demand Decline
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Saudi Arabia has retaken the position of the world’s top oil producer from the U.S., according to the International Energy Agency.
“Saudi Arabia’s elevated oil production has allowed it to overtake the U.S. and become the world’s largest oil producer,” the Paris-based IEA said in its monthly report on Tuesday.