Petroleum and Gas - The World's Petroleum Production during 1926

The world's production of petroleum during 1926 is estimated at 1,096,000,000 bbl., an increase of about 29,000,000 from that of 1925 and somewhat larger than the average during the last 4 years, which is about 1,049,000,000 bbl. The daily average during the year may be estimated at 3,000,000 bbl. of which the United States produced 2,123,000 and other countries 877,000. The outstanding developments during the year have been the decline of the Mexican fields, the counterbalancing of this decline by the increase in Venezuelan and Russian production, and increases in Roumania and Colombia. During 1926 the United States, Mexico and Russia retained their relative positions as the three leading producers, while Venezuela probably outranked Persia for fourth place, Roumania passed Dutch East Indies for sixth, and Colombia moved from sixteenth to the eleventh position. It further appears that should present conditions develop normally throughout 1927, it is not improbable that Mexico will be outranked by Russia as the second oil-producing country and that the increased yield of Colombia will place this country in the eighth or ninth position, and ahead of India. The United States and Mexico should produce in 1926 about 79 per cent. of the world's total and the aggregate of the seven leading countries should be close to 95 per cent. of the total. It is interesting to note that about 85 per cent. of the total comes from fields on the American continent, the United States accounting for about 71 per cent., and Spanish-American countries and Trinidad for 13 per cent. Production of countries other than the United States and Mexico has gradually increased during the last four years and now represents about 21 per cent. of the total. The United States easily retains its long standing leadership with a total yield of 775,000,000 bbl., or an average daily yield of 2,123,000, representing about 71 per cent. of the total, which is about equal to that of the previous year. An increase in production of about 11,000,000 bbl. is indicated by the statistics so far available. It will be noted that the American production in the last 4 years has averaged about 746,000,000 bbl. yearly and that this uniformity, as well as the marked increases