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U.S. posts largest ever single-year increase in oil production

  • The United States posted its largest single-year increase in oil production in 2012, according to a report released by oil giant BP on Wednesday.

    US production was up on the back of a rise in techniques such as fracking, a method used to extract shale oil and gas.

    The report added that global energy consumption grew by 1.8 percent in 2012, a marginal increase compared to the previous year.

    China and India made up for nearly 90 percent of that growth.

    2012 also saw the biggest annual decline in global nuclear output after Japan brought nuclear production nearly to end following the 2011 Fukushima disaster.

    Tagged as: Business news, US increase in oil production, US oil production, oil production of US