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• North American total liquids production set a definitive, fresh all-time high of  26,841 kbpd in July (+386 m/m, +1,364 YTD y/y), outstripping the 26,759 kbpd reached in December 2019.

• However, the composition of that liquids output is starkly different: crude output is still 1.1 MMbpd lower relative to December 2019 levels while the production of NGLs is 1.12 MMbpd higher.

• Continental crude output gains (+238 m/m, +663 YTD y/y) were concentrated in Canada on the back of a recovery from in-situ oil sands maintenance.

• NGL production continues to be a North American output growth heavy hitter (+169 m/m, +598 YTD y/y), with the bulk of that coming from the US and even a monthly gain in Mexico (offsetting a smaller monthly decline in Canada).