Production and Consumption

DESPITE the meetings and discussions on over- production the situation still continues to grow worse instead of better. The demand for oil has dropped to 2,700,000 bbl. per day. On the other hand domestic production has risen to 2,700,000 bbl. with prospects of further increases, and if imports and natural gas-gasoline be added to this the current supply is about 3,100,000 bbl. per day. Though during the summer and early fall the demand may exceed this figure for a few months the prospects are that 'the average demand during 1929 will be at least 200,000 bbl. per day less than the present current supply, meaning additions to stocks over the year of about 75,000,000 bbl.