Papers - - Petroleum Economics - World's Consumption of Petroleum Products

For some time the writers have been compiling and analyzing statistics of consumption and production of petroleum, its products and related fuels, in order to arrive at a fairly accurate picture of the world-wide situation of the petroleum industry. In production, crude oil, natural gasoline, benzol and alcohol blended with motor fuel have been considered. In consumption not only refined products, but crude consumed as fuel, refinery losses, ships' bunkers and blended fuels have been taken into account to obtain a true balance between supply and demand. Statistics from practically every country and territory have been studied, and where actual figures were not available the estimates have been based on all the data available. The figures in Table 1 indicate that during the last five years the world's production has exceeded demand every year and that the aggregate difference is some 207,150,000 bbl. The supply in the United States exceeded consumption by 111,401,000 bbl. over the same five-year period and in 1931 and 1932 the demand exceeded supply, while outside the United States the excess of output over demand was 95,749,000 bbl. Table 2 combines the excess production in the United States with its favorable balance of exports over imports, showing that the United States has reduced its storage over the five years by about 136,-595,000 bbl., while in Table 3 it is shown that, including its excess of imports from the United States, the rest of the world has added 343,-745,000 bbl. to storage during the period in question, the greatest accumulation coming in 1934. Table 4 shows the world's consumption classified by countries according to the principal products. These tables also indicate that at the end of 1934 the statistical position of the petroleum industry outside the United States was decidedly unstable, a situation that probably will become more acute as a result of the added Iraq production; and that the present favorable statistical position of the industry in the United States, which is partly due to the excess of exports over imports, may be to some extent jeopardized by the unstable situation in the foreign market.