North American Oil Data Deck (February ‘23)
November was another record month for continental liquids output on the back of all-time high Canadian production, which offset a small pullback US supplies.
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North American total liquids production rose to yet another fresh all-time high of 27.6 MMbpd in November (+130 kbpd m/m, +1,472 kbpd YTD y/y) on the back of strong Canadian production, which, along with meager Mexican gains, more than offset a small pullback in US supplies.
Crude and equivalent production rose by 138 kbpd m/m on gains in Canadian synthetic crude and eastern offshore, natural gas liquids output eased off by 67 kbpd, and US biofuels supplies rose 59 kbpd.
North American refining activity bounced back in November as output rose 541 kbpd m/m to 22,347 kbpd, benefiting from increased refinery throughput across all three countries; meanwhile, gasoline output rose 73 kbpd m/m and diesel output an impressive 329 kbpd m/m.