IC 8023 The Soviet Seven-Year Plan (1959-65) For Oil ? Summary

The post-World War II expansion of the Soviet petroleum industry has established the U.S.S.R. as a major oil-producing nation and has led to Russian reentry into the international petroleum trade. The rapid growth of Soviet petroleum production will allow the U.S.S.R. to displace Venezuela as the world's second largest oil-producer in 1960 and to narrow further the gap between Soviet and U.S. crude-oil production. U.S.S.R. crude oil output was only a tenth of U.S. production in 1946, but it will be more than a third at the end of 1960 and more than half in 1965. The Soviet Seven-Year Plan (1959-65) for oil provides for substantial increases in petroleum production, refining, storage, and distribution facilities. Crude oil production and primary distillation capacity are to double, considerable storage capacity is planned, and pipelines for crude oil and petroleum products are to increase threefold. According to the Soviets, the initial phases of this plan (1959 and 1960) have been completed successfully. However, this progress has been achieved with difficulty.