North American Oil Data Deck (March 2025)
Fresh all-time high liquids production in the US and Canada helped offset accelerating contractions in Mexican output in 2024, while demand growth slowed across the continent.
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North American total liquids production averaged 29.4 MMbpd in 2024, just shy of 1 MMbpd higher on the year. Specifically, fresh all-time high output of Canadian crude and US crude and NGLs offset accelerating across-the-board declines in Mexican.
North American petroleum product demand averaged 24.6 MMbpd in 2024, which is roughly flat on the year after substantial gains in 2023. Growth was concentrated in the consumption of natural gas liquids (used in the petrochemical industry) that offset outright declines in the demand for fuels—like gasoline and diesel—derived from crude oil.
US tariffs on Canada and Mexico were not once again delayed as many expected and entered force yesterday, but the situation remains in flux with the prospect of a partial rollback still being teased by the US Secretary of Commerce.
[Full PDF Deck and Country-Level Analysis Below Paywall]