North American Oil Data Deck (February ‘24)
Record Canadian and US production drove North American liquids output to yet another record high in November.
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North American total liquids production set one more all-time high in November, pushing past 29.6 MMbpd on fresh record output from both the US and Canada; continental output is roughly 1.9 MMbpd higher y/y and year-to-date average growth is holding steady at 1.7 MMbpd.
Meanwhile, North American refined product output rose by 749 kbpd m/m to 22 MMbpd as facilities wrapped up seasonal maintenance, but output remained nearly 400 kbpd lower y/y which dragged year-to-date average monthly y/y growth into contractionary territory.
Continental refined product demand was reasonably flat, up a mere 29 kbpd m/m to 25.0 MMbpd, but that represented growth of ~350 kbpd y/y and helped nudge up year-to-date North American demand growth to more than 200 kbpd.