The U.S. is the world’s largest oil and gas producer

A new report from British Petroleum (BP) said that the U.S. became the world's largest oil producer in 2014, bettering the 2013 top performer, Russia.

According to the report, the U.S. produced 11.6 million barrels per day last year, a 16 percent increase from the year prior. 

BP chief economist Spencer Dale explained that the largest contributing factor to the increase was hydraulic fracturing, or fracking, in many parts of the country, especially in Texas. Shale drillers spent roughly $120 billion in the U.S. last year, over double the amount from 2009.

At the high point of the year, over 1,800 rigs were operating at major domestic sites, drilling about 40,000 new wells, BP found.

"We are truly witnessing a changing of the guard of global energy suppliers," Dale said in a statement. "The implications of the shale revolution for the U.S. are profound."

The country's output last year helped it overtake Saudi Arabia in crude oil, and it was the first time a country raised production by at least 1 million barrels per day three years in a row. 

BP indicated that the increased production has helped the economy grow. The U.S. produced 90 percent of the oil it consumed last year and lower oil prices are helping drive manufacturing jobs back stateside.

Though lower prices are also causing some producers at shale fields to dial down some rigs, BP chief executive officer Bob Dudley told Bloomberg Business that most can manage at current prices and should stabilize by the end of the year.

"The shale revolution hasn't run out of steam in the U.S.," Dudley said.