The United States is now the world's largest producer of oil, as U.S. production has overtaken that of Saudi Arabia and Russia. According to a new report by Bank of America Corp., record output of oil from shale rock formations is fueling economic growth for the country.

The report, released on Friday, found that during the first six months of this year U.S. production of crude oil and liquids separated from natural gas was higher than for all other oil-producing countries, Bloomberg reported. In the first quarter of 2014 daily output of oil surpassed 11 million barrels, Bank of America estimated.

In 2010 the United States became the largest natural gas producer in the world and claiming the title in oil production only proves its dominance on the global energy map.

The United States is now the top producer of oil and gas thanks to its shale boom, Francisco Blanch, the bank's head of commodities research, told Bloomberg in a telephone interview. The shale revolution has not only transformed the U.S. energy market but has also played a major role in international markets, he added.

Meanwhile, the International Energy Agency has predicted that U.S. oil production will soar even further, as total output is expected to reach 13.1 million barrels a day in 2019. However, long-term predictions suggest that output will remain stable in 2020 and beyond, with the United States losing its top position in the 2030s, the agency said in November.