North American Oil Data Deck (December ‘22)
Continental liquids output rose to a fresh all-time high in Sept on the back of strong US crude oil output; refinery activity eased but the pullback was seasonally mild given tight middle distillates.
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North American total liquids production rose to a fresh all-time high of approximately 27.1 MMbpd in September (+211 kbpd m/m, +1,511 kbpd YTD y/y), primarily due to rising US crude oil output.
Crude and equivalent production rose by 271 kbpd m/m, which more than compensated for falling biofuels supplies (-63 m/m) and flat NGL output (+3 m/m).
Refinery activity experienced seasonal declines across North America, though the pullback was comparatively light vs pre-COVID seasonal norms as refiners pressed to maximize facility utilization and capture wide margins, especially for middle distillates as discussed in Refiners’ Unbalanced Barrel.