Chevron Corp.'s production drop shows challenges oil companies face to meet ... - Washington Post

Chevron Corp., which has spent more than $20 billion a year since 2007 scouring the globe for new resources, said Friday that it is struggling to produce more oil and natural gas. Production levels last year were the lowest since 2008.

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The company still expects to supply more oil in the future, but its troubles last year highlight the many hurdles the industry faces as industrial and developing nations crave more oil to grow their economies.

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The U.S. predicts that oil producers will fall behind as global demand ratchets up. The Energy Information Administration estimated that the world used 88.1 million barrels of oil per day in 2011 while producing only 87.6 million barrels per day. It sees the trend continuing this year and next. Oil and gasoline prices are expected to rise as countries dip into stockpiles to cover shortfalls.

Chevron Corp.'s production drop shows challenges oil companies face to meet ... - Washington Post