Petroleum Economics - World Consumption of Petroleum Products

It is estimated that during 1936 world consumption of petroleum, its products and related fuels reached an all-time peak of 1,757,778,000 bbl., an increase of 143,000,000 bbl. over 1935. As indicated in Table 1, world output of petroleum and related fuels exceeded demand by 92,510,000 bbl. during the year, as compared to an excess output of 88,000,000 bbl. during 1935. Production within the United States exceeded domestic demand by approximately 51,000,-000 bbl. in 1936, as compared to an excess output of 53,000,000 bbl. in the previous year. Outside the United States, production exceeded demand by 41,510,000 bbl. in 1936 and by 35,000,000 bbl. in 1935, indicating that foreign output is making no progress toward curtailment in line with demand. Table 1 also combines excess production in the United States with the favorable balance of exports over imports, showing that stocks in the United States were reduced by 23,400,000 bbl. in 1936, as compared to 22,447,000 bbl. in the previous year. In the rest of the world, excess output over demand combined with the excess of imports over exports from the United States indicates an unfavorable balance of approximately