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Canada and Mexico Oil Supply in April 2015

Source: OPEC 4/30/2015, Location: South America

Oil supply growth in Canada is estimated at 0.27 mb/d in 2014 to average 4.40 mb/d, an upward revision by 71 tb/d compared with the previous month. Preliminary data places 4Q Canadian oil production higher q-o-q by 0.13 mb/d at 4.43 mb/d. The actual production of conventional crude oil in December dropped m-o-m by 7 tb/d to 1.42 mb/d. The output of oil sands also declined by 26 tb/d to average 2.24 mb/d in the same month. On the other hand, NGL output increased by 41 tb/d to 0.77 mb/d. On a quarterly basis, Canada’s supply in 2014 is estimated to average 4.35 mb/d, 4.19 mb/d, 4.24 mb/d and 4.43 mb/d, respectively.

Mexico’s oil supply reached an average of 2.80 mb/d in 2014, showing a decline of 90 tb/d, unchanged from the previous month’s estimation. On a quarterly basis, Mexico’s supply in 2014 is estimated to average 2.87 mb/d, 2.85 mb/d, 2.77 mb/d and 2.72 mb/d, respectively.

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