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Canada and Mexico Oil Supply in May 2015

Source: OPEC 5/19/2015, Location: South America

Oil supply in Canada registered growth of 0.28 mb/d in 2014 to average 4.31 mb/d, revised up by 10 tb/d over the previous month. Canadian oil output was revised up by 43 tb/d to average 4.47 mb/d in 4Q14. Heavy Western Canadian Select, among the world’s lowest priced crudes, fell below $40/b last December for the first time in five years. On a quarterly basis, Canada’s supply in 2014 was estimated to average 4.35 mb/d, 4.19 mb/d, 4.24 mb/d and 4.47 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. In 2013, Mexico produced 2.52 mb/d of crude oil, consisting of 1.37 mb/d of heavy crude, 0.85 mb/d of light crude and 0.31 mb/d of super light crude. A total of 2.89 mb/d was produced, including 0.36 mb/d of NGLs in 2013. Oil declines were led by heavy crude production, which was lower by 0.13 mb/d compared with a year earlier, as production from the Cantarell field dropped y-o-y. On the other hand, light oil output also started decreasing in 4Q14 due to declines at mature fields such as Ligero Marino, where it dropped by 0.11 mb/d. On a quarterly basis, Mexico’s supply averaged 2.87 mb/d, 2.85 mb/d, 2.77 mb/d and 2.73 mb/d, respectively.

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