North American Oil Data Deck (March ‘24)
Full-year data confirms North America’s record petroleum production through 2023.
This 35-page March 2024 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., production), downstream (i.e., refining) oil activity, and end-user demand.
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North American total liquids production was up 1.8 MMbpd y/y to set a fresh annual average record of 28.4 MMbpd in 2023; the US contributed the lion’s share (1.6 MMbpd), while Canada and Mexico added roughly 100 kbpd a piece.
Continental refinery output was effectively flat (+36 kbpd) at an average of 22.1 MMbpd and, instead, output mostly shifted within the slate away from diesel and toward gasoline and jet fuel.
Continental refined product demand rose 267 kbpd to an average of 24.7 MMbpd in 2023, with the vast bulk of those gains coming from the US and in the form of non-crude refined products including NGLs and biofuels.
