North American Oil Data Deck (June ‘24)
Continental liquids production continues to recover, rising back to within ~200 kbpd of November's high-water mark in March, while demand momentum slackens
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North American total liquids output continued to recover from January’s winter storm effects, rising 310 kbpd to 29.4 MMbpd in March to sit +1.3 MMbpd y/y but still ~-200 kbpd from November’s high-water mark; output growth continues to be driven by US, though Canadian gains are accelerating while Mexican output is foundering.
Refinery output rose seasonally by 1.1 MMbpd m/m to 21.4 MMbpd in March, 229 kbpd higher y/y thanks to the ongoing ramp-up of Mexico’s new Dos Bocas refinery.
Continental refined production consumption fell back by 164 kbpd on the month to 24.2 MMbpd in March, with country-level demand flagging—and with declines accelerating—across the board.
[Full Deck and Country-Level Analysis Below Paywall]