BP: US oil production surged in 2012

BP: US oil production surged in 2012 as growth in global energy demand slowed

Associated Press

LONDON (AP) -- BP says the United States saw its biggest-ever annual increase in oil production in 2012, while the world's demand for energy grew at a slower pace than the year before.

In its annual Statistical Review of World Energy released Wednesday, BP PLC says the U.S. produced 8.9 million barrels a day, up 13.9 percent from 2011.

Global oil production rose by 1.9 million barrels a day.

Chief Executive Bob Dudley said the industry was seeing "a shift in supply towards a greater diversity of energy sources," including unconventional hydrocarbons.

He said there was "ample energy available" to meet growing demand.

Growth in energy consumption slowed to 1.8 percent from 2.4 percent in 2011. But demand boomed in China and India, which together accounted for almost 90 percent of the increase.

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