North American Oil Data Deck (June 2025)
Continental production leapt back to life in March, setting fresh record highs as persistent US and Canadian upstream growth continues to make up for lackluster Mexican output.
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North American petroleum liquids production roared back to life in March, jumping 891 kbpd to a fresh all-time high of 30,229 kbpd. Growth was driven by new record output in the US (both crude and NGLs) as and near-record Canadian crude output, which together continue to make up for ongoing declines in the beleaguered Mexican upstream sector.
North American petroleum product demand fell another 251 kbpd m/m to 24,425 kbpd in March, with the pace of y/y growth slowing to 274 kbpd y/y from the trailing quarterly average of 632 kbpd y/y as the boost from weak early-2024 base effects begin to fall out of the sample.
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