North American Oil Data Deck (January 2025)
Continental petroleum production rose to set yet another all-time high in October, the first month in which total North American liquids output jumped above 30 million daily barrels.
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North American total liquids production rose 826 kbpd on the month to a fresh all-time high of 30.15 MMbpd in October, up more than 1 MMbpd y/y and the first month in history in which continental output exceeded the 30 million daily barrel threshold. Gains continue to be driven by the US, where growth is slowing but the output of both total liquids and crude oil set new high-water marks in October, and accelerating Canadian production performance, which together more than compensated for worsening Mexican offshore declines.
Continental petroleum product consumption rose 709 kbpd m/m to 25.17 MMbpd in October, 276 kbpd higher compared to the same month in 2023 and the highest October level since 2018 thanks to a fresh two-decade seasonal high in US consumption driven by robust NGL demand; Canadian demand stabilized following a recent lull while Mexico’s consumption contraction accelerated.
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