North American Oil Data Deck (January ‘24)

Continental liquids production set yet another all-time high in October of more than 29.1 MMbpd as US output lingered around record highs and Canadian output bounced back on the month.

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• North American total liquids production set another all-time high in October ( >29.1 MMbpd) as stable near-record US output received a boost from rebounding Canadian production; continental output is roughly 1.6 MMbpd higher y/y with year-to-date average growth easing to 1.7 MMbpd.

• Meanwhile, North American refined product output declined by 893 kbpd m/m to 21.3 MMbpd, with monthly pullbacks across all three countries but with the largest proportional y/y losses concentrated in Mexico; overall refinery output was 640 kbpd lower y/y and pulled down year-to-date growth to effectively flat.

• Continental refined product demand rebounded, up 518 kbpd m/m, on the back of US gains to 25.1 MMbpd, after falling across the board 885 kbpd m/m to 24.7 MMbpd in September; all three countries are seeing positive demand growth on average, year-to-date, which has, collectively, increased ~200 kbpd through September vs. the same period last year.