North Dakota’s oil production rose about 12% to 1.16 million barrels per day (MMbbl/d) in August as more wells and drilling rigs resumed production after a drop earlier this year, the state's regulator said on Oct. 16.
Producers in the state shut about 5,000 wells pumping 300,000 bbl/d as prices tumbled into negative territory in April.
Output in the United States, while still well below the peak 13 MMbbl/d reached in January, has been gradually rising with U.S. crude futures holding around $40 a barrel over the past several months.
The additional U.S. oil production is adding to uncertainty over what OPEC will do next month. OPEC and allies are scheduled to meet Nov. 30 to review a plan to ease curbs on production, potentially adding 2 MMbbl/d next year.
North Dakota's crude oil output rose to 1.16 MMbbl/d from 1.04 MMbbl/d in July, state regulator North Dakota Department of Mineral Resources reported. Peak production in the state was 1.4 MMbbl/d in 2019.
Officials said 16 drilling rigs are active in the state, up from 10 in July. Crude oil produced in the state was selling for $31.75 a barrel, compared with $9.16 per barrel in April when the COVID-19 pandemic and a market glut knocked prices lower.
United Arab Emirates minister of state and ADNOC Group CEO Sultan Ahmed Al Jaber also said that the state oil company was on track to raise its oil production capacity to 4 million barrels per day (MMbbl/d) by 2020 and 5 MMbbl/d by 2030.
U.S. natural gas producer EQT Corp. said Jan. 13 it would take a non-cash impairment charge of up to $1.8 billion in the fourth quarter driven by record low gas prices.
Exxon Mobil plans to invest more than $500 million in the initial construction phase of its Rovuma LNG project in Mozambique with an FID for the $30 billion project expected by 2020.