North American Oil Data Deck (September ‘22)

Monthly bounce-back in continental output driven by a recovery in US offshore production, while durable YTD gains driven by the continued advance of US tight oil and US/Canadian NGLs

I’m thrilled to present the first edition of the North American Oil Data Deck, my second monthly data-dense and visualization-heavy report series (see also the Global Oil Data Deck).

This inaugural 24-page report provides regular, comprehensive coverage of the US, Canadian, and Mexican oil industries, and it will grow to incorporate further detail (demand, midstream, refining, trade, etc.) alongside my thematic research.

As always, I appreciate your feedback and suggestions for future monthly additions.

• North American total liquids production is once again at COVID-era highs, rising to 26,485 kbpd in June (+446 m/m, +1,372 YTD y/y); however, we are still 275 kbpd shy of a complete recovery to the pre-COVID high-water mark.

• Continental gains in June came largely off the back of a rebound in US offshore activity; but, the YTD picture highlights advancing US tight-oil-dominated crude and voracious US NGL output, which together account for 80% of YTD growth.

• NGL production continues to be an output growth heavy hitter across the US (+69 m/m, +584 YTD y/y) and Canada (+69 kbpd m/m, +25 YTD y/y), while Mexican NGL output continued its collapse, highlighting structural differences that contribute to the country’s relatively weak production outlook.