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North Dakota oil production drops slightly, holds above 1 million barrels per day

Bismarck – The North Dakota Department of Mineral Resources came out with their latest press release today.

Here are some key takeaways:

Rig Count pulls back after recent rise

October: 33

November: 37

December: 40

Currently there are 36 active rigs in North Dakota

The all-time high for active drilling rigs in the state of North Dakota is 218, set in May of 2012.

 

Oil Production drops but holds above 1 million barrels per day

Production slide from October to November (1.043 million barrels per day in October to 1.033 million barrels per day in November)

All time high was 1.227 million barrels per day (December 2014)

 

ND Light Sweet Crude Price

Prices for North Dakota Crude continued to their recent rise. (Flint Hills Resources)

November $34.58/barrel

December $39.93/barrel

Today $40.75/barrel

The all-time high for North Dakota Sweet Crude was $136.29 in July of 2008.

Prices for North Dakota Crude were in high teens in February of last year.

 

Comments from the Department of Natural Resources

“The drilling rig count increased four from October to November, then increased three from November to December, and is currently down four from December to today. Operators are shifting from running the minimum number of rigs to incremental increases throughout 2017, as long as oil prices remain between $50/barrel and $60/barrel WTI.”

“Oil price weakness is anticipated to last into the second quarter of 2017.” – North Dakota Department of Natural Resources


-Ian Grande is the Editor of the Stanley Gazette. For any questions or to report any scores please email StanleyGazette@gmail.com

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The Stanley Gazette covers community news in the Stanley, ND area as well as surrounding communities.

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