World trends: productive capacity grows as world demand falters

Journal Article · Fri Aug 15 04:00:00 EDT 1975 · World Oil; (United States)

OSTI ID:7355302

A tabulation of world petroleum demand and supply analyzed by regions shows that the quadrupled oil prices in 1974 reduced consumption rates. The decline was 1 percent, but the increase per year had been increasing at a rate of 5 percent. The vigorous development of international production has resulted in a surplus world producing capacity of 10 to 12 million bpd. The climb in U.S. drilling has not reduced imports. Production growth leveled in 1975 due to political factors such as threats of nationalization, demands for much higher government participation in company profits, and imposition of even-higher taxes. High oil prices reduced crude demand and cut oil sales by exporters that reduced exporting country income and caused exporters to consider a price increase. (MCW)

• OSTI ID: 7355302
• Journal Information: World Oil; (United States), Journal Name: World Oil; (United States) Vol. 181:3; ISSN WOOIA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020300 -- Petroleum-- Drilling & Production
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002* -- Energy Planning & Policy-- Petroleum
CHARGES
CONSUMPTION RATES
DEMAND FACTORS
DRILLING
ECONOMIC POLICY
ECONOMICS
ENERGY CONSERVATION
ENERGY SOURCES
ENERGY SUPPLIES
FOSSIL FUELS
FUELS
GOVERNMENT POLICIES
INDUSTRY
PETROLEUM
PETROLEUM INDUSTRY
PRODUCTION