STILL PLENTY OF OIL.

Auckland Star, Volume LIX, Issue 198, 22 August 1928, Page 4

STILL PLENTY OF OIL.

A review of the petroleum industry prepared by the Royal Dutch Company shows that a fresh record in production of crude oil was established l;jst year. The total of the world's output was 178.044.386 metric tons, against 1.w.7'21.00<i for 1926. The figures from the principal producing countries for the past two years are as follow:— 1927. 1926. Metric Metric tons. tons. United States ... 128.017,000 109.687,000 Russia 10,284.000 8,000.000 Venezuela 9,147,700 5,327,000 Mexico 9,119,300 12,900,000 Persia 5,227,200 5,091.190 Romania 3,601,360 3,241,000 Dutch E. Indies .. 3,628,110 2.950,008 Colombia 2,073,800 915,345 Peru 1,392,040 1,528,690 Argentina 1,235,790 930,153 India 1,164,770 1.249,580 The predominance of America as a source of supply is conspicuous, and the increase in that country's production last year would have been considerably greater had not producers in several districts taken measures to limit over-production. On the subject of the tax burdens placed upon the industry in Rumania, the Royal Dutch Company's report admits reduction of transport and export tariffs, and an improvement in the railway services, but states that the burdens still existing are " -f" 1 as seriously to deter foreign capital from investment in the country.