World Production Of Petroleum In 1923

THE petroleum production of the world, in 1923, for the first time reached the billion-barrel mark. A preliminary estimate of production is 1,014,413,000 bbl., an increase of 159,604,000 bbl., or 18.6 per cent. over the 854,809,000 bbl. produced in 1922, the year of next highest production. This increase resulted from an increase of 178,469,000 bbl. in the production of the United States; the total for the rest of the world shows a loss of 18,865,000 bbl., a loss caused by the decrease of approximately 32,278,000 bbl. in Mexican production. The Mexican decrease more than offset increases in the production of Russia, Persia, Roumania, Venezuela, Sarawak, and various minor fields. The increase in production for the United States, and consequently for the world, was the result of flush production from development to maximum capacity during the year of eight, bonanza fields-fields reaching daily yields of 100,000 bbl. or better. It might be ascribed more exactly to the production from the three flush fields of the Los Angeles basin. Their production alone was greater than the increase in the world petroleum production, or the increase in the production of the United States, and it was cheap oil from these fields that demoralized the oil markets of the world. The Basin fields were. the features and dominating factors in the oil industry of the world during 1923. The bonanza fields of 1923, their estimated production for the year, and peak are given in Table 1.