World Production Of Petroleum In 1924

THE petroleum production of the world for 1924 again passed the billion-barrel mark, as it did in 1923. A preliminary estimate of production is 1,016,000,000 bbl., a decrease of 1,100,000 bbl., or less than 1 per cent. from the 1,017,100,000 bbl. produced in 1923, the year of greatest production. FIG. 1.-TOTAL WORLD AND UNITED STATES PRODUCTION. Production in the United States decreased 18,500,000 bbl., the. first decrease in yearly production since 1906. Mexican production decreased almost 10,000,000 bbl. Russia, Persia, Roumania, Venezuela, and Peru increased their production by an amount almost great enough to offset the decline in the United States and Mexico. The decline in the production in the United States and Mexico was considerably less than anticipated by leading geologists, economists, and statisticians; nor did the increase in consumption entirely meet the expectations of estimators. Early in the year, the statistical department of one of the most important oil companies forecast a draft on stocks, from an excess of demand over supply, of about 80,000,000 bbl. Instead of decreasing our stocks, they were increased by about 33,000,000 barrels.