Papers - - Produciton - Foreign - Venezuela

Increased world consumption of crude and products coupled with the trend toward supplying this demand from the nearest and most economical source of supply had the economic effect of broadening the demand for Venezuelan crude. As a result of this, Venezucla produced more in 1934 than in 1929, the previous peak year. During 1934 Venezuelan output is estimated at a total of 139,382,000 bbl., a daily average of 381,868 bbl., against 120,442,000 bbl. in 1933, a daily average of 329,978 bbl. This is an increase of 51,890 bbl. per day. It is interesting to note from the comparison of production for the past 10 years (Table 1) that in spite of the fact that Venezuela produced more in 1934 than in 1929 its share of world production is slightly less than in 1929 and 1930. During the latter part of 1934 Vcnezuela produced its first billionth barrel of crude. Only three other crude-producing countries of the world have attained this distinction; namely, United States, Russia and Mexico. Venezuela still ranks third in the producing countries of the world, being surpassed by the United States and Russia. Exports of crude and products from Venezuela for 1934 are estimated at 133,400,000 bbl. This is an increase of 16,107,000 bbl., or 13.73 per cent as compared with 1933.