CRUDE OIL SUPPLIES

Press, Volume LXXXIII, Issue 25377, 27 December 1947, Page 8

CRUDE OIL SUPPLIES

PRODUCTION BEING ' INCREASED

The official daily average crude oil production of the world increased by 149,353 barrels to another new record ot 8,552,887 barrels in September, according to statistics compiled from records of governments and other authoritative sources in 42 countries. Daily output during the first nine months of this year averaged 8,102,629 barrels, compared with 7,420,847 barrels during the same period of last year, sayg the "Oil Forum.”

While the greatest individual increase reported for September was one of 62,724 barrels in United States production, a great proportion of the increase resulted from expanded activities in other countries. Iran and Venezuela were responsible for the bulk of these latter increases over August levels, with gains of 55,662 and 17,942 barrels, respectively.

Importance of Middle East "Production from the Iranian fields hat established new high records for the last three months for which data are available and the output has tooped the halfmillion barrel mark for the first time in that country’s history. By the beginning of 1948 Iran may be expected to surpass in output the vast proven oil areas of the Soviet Union and move from fourth to third place among the world’s oil-produc-ing nations." the magazine states.

“The centre of gravity of oil supplies for European requirements is steadily shifting to the Middle East, where the daily output 10 years ago (330,140 barrels) has since been almost trebled to 882,800 barrels as at present, and is still growing.”