North American Oil Data Deck (April 2025)
Winter storm-related base effects in early 2024 masked an otherwise lackluster series of monthly declines in North American production while demand regained some momentum.
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North American total liquids production fell -866 kbpd m/m to 29,241 kbpd in January but remained +1,617 kbpd higher y/y thanks to acute winter storm-related base effects from early 2024. Both the US and Canada show strong y/y growth—with Canadian output holding at near all-time highs—but Mexican production continued to decline at an accelerating rate.
North American petroleum product demand was certainly strong in January, rising +318 kbpd on the month and a whopping +1,254 kbpd on the year to near-record seasonal levels thanks especially to a fresh all-time January demand in the US.
[Full PDF Deck and Country-Level Analysis Below Paywall]