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Commodity Context
North American Oil Data Deck (February ‘23)
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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.

Rory Johnston's avatar
Rory Johnston
Feb 08, 2023
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Commodity Context
Commodity Context
North American Oil Data Deck (February ‘23)
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This 30-page February 2023 edition of my monthly data-dense and visualization-heavy North American Oil Data Deck (attached PDF below paywall) is exclusive to paid Commodity Context subscribers. The deck contains detailed, decomposed accounting for US, Canadian, and Mexican upstream (i.e., crude) and  downstream (i.e., refining) oil activity.

Become a paid subscriber today to view the full North American oil report and join me in my hunt for ever-deeper oil & gas market context.

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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.

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