North American Oil Data Deck (May 2024)
North American Oil Data Deck (May 2024)
Continental production surges back to life following winter storm slump
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North American total liquids output bounced back, by 1.4 MMbpd, to 29.1 MMbpd in February, recovering from the nearly 2 MMbpd hit to continental output from severe winter storms in January; overall output is up 1.6 MMbpd y/y but still ~0.4 MMbpd off the all-time high reached in November.
Continental refinery output was roughly flat at 21 MMbpd in February but growth has turned negative on the year, driven overwhelmingly by flagging US diesel output.
Continental refined product demand rose ~0.3 MMbpd to 24.3 MMbpd in February, with growth remaining positive year-over-year and continuing to be driven by US and Canadian NGL consumption.
[Full Deck and Country-Level Analysis Below Paywall]