The world production of petroleum in 1924 is estimated at 1,013,139,000 barrels. This is a new maximum record, since it squeezes ahead of the great 1923 annual output by 2,144,000 barrels. It is almost double the 1919 output of 544,885,000 barrels.
The U. S. again proved the largest petroleum producer, with a 1924 out put of 714,000,000 barrels, or 70.5% of the world's total. This was less than the 1923 record output of 732,407,000 barrels, but compares favorably with 557,531,000 barrels in 1922 and 472,183,000 barrels in 1921.
Mexico again showed a falling production; her output last year (in millions of barrels) was 139, against 149 in 1923, 182 in 1922 and 193 in 1921.
Russia ranked third among world's oil producers last year with 45,162,000 barrels. That the Russian oil industry is steadily being rehabilitated is shown by production in recent years: it was 29,150,000 barrels in 1921, 32,960,000 in 1922 and 39 156,000 in 1923.
Persia, at 31,845,000 barrels last year, showed almost double its 1921 output, and both the Dutch East Indies at 21,000,000 barrels and Rumania at 13,296,000 barrels showed considerably increased output. Venezuela, which produced only 1,4333,000 barrels in 1921, has developed very rapidly, last year attaining a production of 9,500,000 barrels.