Papers - Petroleum Economics - World Consumption of Petroleum Products and Related Fuels (With Discussion)

Preliminary estimates indicate that world consumption of petroleum products and related fuels in 1937 shattered previous records with a figure of 1,920,000,000 bbl.; that is, 124,000,000 bbl. more than the 1936 total. The writers, as in previous years, have been unable to account for all the available supply in 1937. This "unaccounted-for" supply, which formerly was thought to go largely into storage in foreign countries, was close to 53,000,000 bbl. in 1933; 93,000,000 in 1934; 111,000,000 in 1935; 75,000,000 in 1936 and 148,000,000 in 1937. As this discrepancy between supply and demand continued year after year, it became evident that other reasons than additional foreign stocks were responsible for it. It can now be stated that the "unaccounted-for" supply (see Table 1) goes to take care of: (1) consumption of petroleum products and related fuels for military purposes, the figures of which have been and are kept confidential by foreign countries, (2) additions to stocks to be consumed for military and nonmilitary purposes in foreign countries on which likewise no information is available, (3) errors incurred in the conversion of figures of production of crude oil, its products and related fuels from "weight" units, as used in Russia, for instance, to their American or "volume" equivalents and vice versa, and (4) to the lack of reliable statistics on production and consumption, particularly from Russia, the