Production of crude oil throughout the world in the current year has shown a small reduction compared with the record established in 1937.
For the first six months of this year, world output amounted to approximately 970,513,562 barrels, according to an estimate of "World. Petroleum," against 993,624,368 in the corresponding period of 1937, a reduction of 23,110,806 barrels, equal to 23 per cent. Some three-fourths of the total reduction was accounted for by the United States, where the total for the first six months of this year of 602,745,000 barrels compared with '620,160,000 barrels in the same period of 1997, a decrease of 17,421,000 barrel, equal to 28 per cent. Daily average output for the world this year to June 30 was 5,361,952 barrels, against 5,586,201 barrels in 1937.
Russia, in June, had the largest production of crude oil for any month this year, of 18,540,000 barrels, and the highest since July, 1937. It still retains second place, after the United States, and is followed by Venezuela. For the first six months of this year, Russian output amounted to 99,192,000 barrels and Venezuelan to 88,539,000 barrels. During August, September, October and November, 1937, Venezuelan output exceeded that of Russia. December saw the beginning of labour troubles in Venezuelan oilfields, and output, in consequence, showed a material reduction until the end of April Mexico, whose Government expropriated foreign oil company properties last March, also suffered a sharp curtailment in production. In June, the output is estimated to have been about 1,590,000 barrels, against more than 4000000 barrels monthly before the expropriation. For the first six months Mexico's output probably amounted to slightly more than 13,- 000,000 barrels, while for the whole of 1937 it totalled 46,455,687 barrels The most notable gains in June of this year against the corresponding month of 1937 were shown in countries where development work has been unusually intense, such as Iraq, whose production this year in June amounted to 2,653,879 barrels, against 2344213 barrels a year earlier; in Germany, where the respective figures were 329,525, against 249,434; in Austria, 30,780, against 18410; and in Canada, 454500, agaist 209.181 barrels. Other countries which showed a larger production in June this year than last include Iran, Netherlands Indies, Colombia, Argentina, Trinidad, Bahrein Islands, Brunei, Poland, Ecuador, British India and Sarawak.
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