Saudi Arabia ousts US as biggest oil producer

The International Energy Agency reports Saudi Arabia has retaken the lead as the world's No. 1 oil producer.

The United States has been the world's largest producer of crude and other liquid hydrocarbons since April 2014.

In August, U.S. output was 12.2 million barrels a day, below Saudi Arabian production of 12.58 million barrels a day the same month.

Read more from Bloomberg.