North American Oil Data Deck (December 2024)
Continental petroleum output fell in September from from August’s all-time highs, with the pullback driven by especially heavy Canadian oil sands maintenance and hurricanes in the Gulf.
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North American total liquids output fell 456 kbpd m/m to from the all-time highs in August to 29.3 MMbpd in September, which is still up 364 kbpd compared to September 2023 but continuing to grow at a slowing y/y pace (since January’s winter storm hammered continental output). The seasonal pullback was accentuated by especially heavy Canadian oil sands maintenance and Gulf of Mexico hurricane activity.
Continental petroleum product consumption pulled back seasonally by nearly 600 kbpd m/m to 24.4 MMbpd in September, but remained modestly higher compared to the same month last year thanks to combined gains in the US and Mexico that, together, helped offset an acceleration in Canadian demand contraction.
[Full PDF Deck and Country-Level Analysis Below Paywall]