Petroleum Production - Foreign - World Petroleum Production in 1928

The world's petroleum production in 1928 is estimated at 1,322,896,-000 bbl., an increase of about 62,000,000 bbl. over 1927, as compared with an increase of over 133,000,000 bbl. in the previous year. The daily average was close to 3,600,000 bbl., of which the fields on the American continent produced about 84 per cent. The most important development during the year has been the partial success of the attempts to temporarily control production without appealing to legislation and, as a consequence, the increasing realization that, in order to reach a permanent cure for this situation, some form of legislation is necessary to' make possible the conservation of the oil supply and the stabilization of the industry. The importance of such a control over American production is not merely local but worldwide, as the American oil supply is now and for years to come will be the controlling factor of the industry. United States.—Production in the United States, which in 1927 increased about 15 per cent. over the previous year, remained practically stationary in 1928, the total being estimated at 902,000,000 bbl., or 68.2 per cent. of the world's output. This uniformity in production during the last two years was due primarily to the curtailment of output from wells already drilled, it being estimated that the available or shut-in production at the end of the year was close to 500,000 bbl. per day, or equivalent to the combined production of Venezuela and Russia, the countries ranking second and third. Venezuela.—With a production estimated at 106,000,000 bbl., Venezuela has trebled its output in the last three years. The increase in 1928 was 43,000,000 which placed this country as second in rank, a position which it should easily maintain for years to come. The output could have been considerably larger had not the oversupply in the United States made it advisable for Venezuelan operators to enter into tentative conservation agreements. Russia.—In Russia, production has doubled in the last five years, and reached a new peak in 1928 with an output estimated at 87,800,000 bbl., or an increase of 10,000,000 bbl. over the previous year. Difficul-