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• North American total liquids production fell back by 64 kbpd m/m in August (+1,396 YTD y/y) from the all-time high reached in July.

• Crude and equivalent production rose by 121 kbpd m/m but was overwhelmed by larger losses in both NGLs (-145 m/m) and other liquids (-40 m/m); this is the first month since June 2021 in which continental crude production rose while NGL output fell.

• The latest EIA update saw an upward revision to US crude production in July, which lifted July to a fresh all-time high for US liquids output of 19,258, outstripping the prior record of 19,237 reached just before the pandemic battered the industry in January 2020.