North American Oil Data Deck (February 2025)
Continental output of crude oil and equivalents contracts on the year in November as accelerating Mexican declines overwhelm flatlining US growth.
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North American Summary
North American total liquids production was about flat on the month of November, rising a mere 27 kbpd m/m to 30,126 kbpd—a fresh all-time high, yes, but only 540 kbpd higher y/y and a >50% deceleration from the trailing annual average growth pace.
And, while overall liquids output has slowed materially, continental production of crude oil and equivalents contracted by 80 kbpd y/y in November for the steepest decline since the initial COVID shock in 2020-21, thanks to accelerating Mexican losses that overwhelmed a near-halt in US crude output growth.
Continental petroleum product consumption fell by 688 kbpd m/m and 645 kbpd y/y to 25,530 kbpd given, largely, an especially soft month for transportation fuel demand in both the US and Canada.
[Full PDF Deck and Country-Level Analysis Below Paywall]