This review includes data from 29 countries, of which 11 are producers of petroleum. Their combined production during 1967 was approximately 1,653,216,000 bbl, or an average rate of 4,529,353 b/d. This is about 13% of the world's total oil production during 1967. Within the area reviewed Venezuela experienced a 5.1% increase in production from 1966 and had 78% of the 1967 total. The other oil-producing countries of the area combined had a 12.6% increase in production from 1966 and contributed 22% of the 1967 total. For the overall area, the total 1967 exploration activity in 16 countries, in party-months, was changed little from the previous year. Activity by surface-geology parties decreased 15% whereas activity by seismograph parties increased 14%. The totals based on d illing statistics from 14 countries decreased in 1967; wells drilled decreased 16%, footage drilled decreased 4.7%, exploratory wells completed decreased 5%, and successful exploratory wells decreased 20%. There are indications that the area reviewed may be entering a period of increasing petroleum exploration and development. The known hunting grounds for possible further investigation are extensive.