North American Oil Data Deck (August 2024)
Continental liquids output pulled back on seasonal Canadian weakness in May but maintained robust y/y growth, while consumption received a welcome boost from all-time high May demand in the US.
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North American total liquids output pulled back on seasonal Canadian declines to 29 MMbpd but maintained steady y/y growth of ~1.4 MMbpd in May, with y/y gains continuing to be driven by Canadian and US crude and NGL output, which together more than offset contracting Mexican volumes where declines are accelerating; US crude production growth continues to slow while Canadian oil sands output growth is accelerating.
Refinery activity recovered seasonally, up 781 kbpd m/m, and returned to y/y growth on US refinery gains, which offset slowing growth in Mexico where ongoing issues with the Olmeca (i.e., Dos Bocas) have flatlined the previous growth trend.
Continental petroleum product consumption jumped higher in May thanks to US production rocketing to a fresh all-time May high, which helped offset ongoing weakness in Canadian and Mexican demand.
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