Papers - - Petroleum Economics - World Consumption of Petroleum Products

It is estimated that world consumption of petroleum, its products and related fuels during 1935 will reach an all-time peak of 1,592,000,000 bbl. —about 5.4 per cent higher than in 1934. Demand increased within the United States approximately 6.1 per cent during 1935 and in foreign countries about 4.1 per cent. The figures in Table 1 indicate that during the past five years world's production of crude petroleum and related fuels exceeded demand every year and that the aggregate difference is approximately 239,000,000 bbl. The supply in the United States exceeded consumption by some 134,000,000 bbl. over the same five-year period, while outside the United States the excess over demand is shown to be 105,000,000 bbl. Table 2 combines the excess production in the United States with its favorable balance of exports over imports, showing that the United States has reduced its storage over the five years by about 132,720,000 bbl., and indicates that, including its excess of imports from the United States, the rest of the world may have an unfavorable balance of some 371,000,000 bbl. over the five-year period. Such difference in foreign countries is largely due to increase in stocks, and partly at least remains in our imperfect knowledge of consumption statistics as an unfavorable balance. Table 3