A supertanker berths at Saudi Aramco’s Ras Tanura Sea Island Terminal, part of the Port of Ras Tanura, the world’s largest crude export terminal complex (file). Saudi Arabia has retaken the position of the world’s top oil producer from the US, according to the International Energy Agency, Bloomberg reported. “Saudi Arabia’s elevated oil
production has allowed it to overtake the US and become the world’s largest oil producer,” the Paris-based IEA said in its monthly report on Tuesday. While Saudi Arabia has added 400,000 bpd of output from low-cost fields since May, about 460,000 bpd of “high-cost” production has been shut down in the US. America has been the world’s largest producer of crude and other liquid hydrocarbons since April 2014 following the shale oil boom.
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