Crude Oil Supply in the Mid-Year, 1929

FROM the viewpoint of the oil producer, the oil refiner, the oil marketer, and the investor, in oil securities, a brief picture of the crude oil supply and demand in the present critical season of the year will be timely and interesting. Although crude oil production has been in a comparatively poor statistical position this year, increased sales and sustained refinery and crude oil prices have allowed increased profits for many oil companies. The large amount of crude oil going into storage during the present period of peak consumption, just previous to the major yearly fall decline in consumption, has caused oil producers to make plans to leave the oil in the ground for the present in several of the areas of large flush production. The present moment is looked on as the turning point in the current year.