North American Oil Data Deck (December ‘23)
Continental liquids production set yet another all-time high of more than 29 MMbpd in September on booming US output.
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North American total liquids production reached yet another all-time high in September of more than 29 MMbpd as gangbusters US growth more than offset a pullback in Canadian supplies.
Fresh all-time highs in US crude production were, notably, driven by North Dakota Bakken and Offshore Gulf of Mexico output, rather than the Texan and New Mexican Permian basin that has typically served as the most reliable propellant of US gains.
Meanwhile, North American refined product output declined by 868 kbpd kbpd m/m to 22.2 MMbpd as all three countries faced seasonal maintenance-related pullbacks in utilization.
Continental demand slid back, seasonally, across the board, falling 885 kbpd m/m to 24.7 MMbpd in September; all three countries are seeing positive demand growth on average year-to-date, which has, collectively, increased ~200 kbpd through September vs. the same period last year.
