Division of Monetary Research
 
 
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4. The excess of consumption over production by November l,
1941, had depleted German reserves to 3,400,000- 3,900,000 tons, 
according to the British, and to 3,400,000 tons, according to 
the Russians.
 
 
5. Both the British and Russians agree that the axis will
have to curtail its military consumption of oil. However, the
British believe that the Germsans can easily save 200,000 to 
300,000 tons a month in their military consumption and meet 
the rest of the deficit by civil saving and increased production. 
The Russians do not believe that this can be done easily but 
that the Germans will be forced to finish up their reserves 
completely and then, "the Germans will have to reduce armored 
operations or invent new, synthetic means".