North American Oil Data Deck (April ‘23)
Continental liquids production bounced back in January from December’s weather-related dip, helped higher by US crude output reaching a fresh pandemic-era high
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North American total liquids production rebounded by ~0.8 MMbbl m/m from December’s weather-related dip to 27.3 MMbpd in January.
Crude and equivalent production rose 315 kbpd m/m off of the US’ rebound (mostly the Midwest and USGC offshore) and Mexico’s notable gains, which offset further weakness in Canadian output.
North American refining activity fell an additional 0.5 MMbpd in January to 20.8 MMbpd as continued declines in the US more than dwarfed the monthly gains in both Canada and Mexico; the lion’s share of those US product-level losses came from gasoline supplies (-456 kbpd m/m).
