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North Dakota oil output remains above 1M barrels daily

13 Mai 2017

The state churned out 1.025 million barrels per day in March, down about 1 percent from February, according to data released Friday by the North Dakota Department of Mineral Resources released Friday.

The February production was the first time since August that the state had topped 1 million barrels daily.

North Dakota now has 51 drilling rigs working in the Williston Basin.

North Dakota joined other states to challenge the rule in court, with a decision expected before January of 2018 when the rule would start having an impact, Helms said. A key gauge, the rig count has risen from 39 in February.

Natural gas production increased 1.4 percent in March to more than 1.7 billion cubic feet per day as operators focus on the core of the Bakken where wells produce more gas. "Gas production was up 1.4%".

That work, along with a drop in inactive wells, brought North Dakota's total number of producing wells to 13,632 in March, a new all-time high based on preliminary figures.

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Disario was a father of six children and was expecting a seventh, said Thorp, who added that he did not know the chief. By early afternoon, flowers and flags were appearing in an impromptu memorial outside the village police hall.

Helms said whether production stays over a million barrels a day depends on an OPEC meeting later this month.

West Texas Intermediate, which sets the benchmark price for USA crude oil, had been mostly trading between $50 and $56 a barrel from mid-December to late April.

But WTI prices have been below $50 per barrel for the past three weeks and are now about $48.

Over the summer, Helms said he expects oil production to remain steady or increase slightly, as long as oil prices "don't take a dive".

OPEC is scheduled to meet on May 25 to decide whether to extend production cuts that it made last fall.

The conventional wisdom in the oil industry is that the cartel will do so. "That would really put things back in neutral again".

North Dakota oil output remains above 1M barrels daily