This 30-page March 2023 edition of my monthly data-dense and visualization-heavy North American Oil Data Deck (attached PDF below paywall) is exclusive to paid Commodity Context subscribers. The deck contains detailed, decomposed accounting for US, Canadian, and Mexican upstream (i.e., crude) and downstream (i.e., refining) oil activity.

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• North American total liquids production fell by ~1.1 MMbbl m/m from November’s all-time high to 26.5 MMbpd in December, which brought 2022 full-year growth to 1.4 MMbpd y/y, of which roughly two-thirds was crude and another third NGLs.

• Crude and equivalent production contracted by 406 kbpd off losses in both the US and Canada, and barely blunted by minor gains in Mexico.

• North American refining activity cratered in December to the lowest level since February 2022, as output fell ~ 1 MMbpd to 21.3 MMbpd; roughly half of those losses came in the form of increasingly scarce middle distillates, like diesel and jet fuel, with another nearly quarter from gasoline declines.