North American Oil Data Deck (July 2026)
Continental petroleum production jumped back to near all-time highs in April on the back of the reacceleration of previously slowing upstream growth in both the US and Canada.
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North American petroleum liquids production advanced +188 kbpd m/m to 31,350 kbpd in April (+1,354 kbpd y/y) on the back of a reacceleration of output growth in both Canada and the US; what was expected to be the beginning of the US shale patch’s price-driven contraction was delayed by the scorching Iran War rally, which allowed many producers to hedge forward and de-risk further volume growth.
Continental petroleum product demand rose +177 kbpd m/m to 25,165 kbpd in April (+491 kbpd y/y) as slowing Canadian consumption was offset by booming demand in the United States and modest growth in Mexico.
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