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.
Recommended Reading
Range Resources Holds Production Steady in 1Q 2024
2024-04-24 - NGLs are providing a boost for Range Resources as the company waits for natural gas demand to rebound.
Hess Midstream Increases Class A Distribution
2024-04-24 - Hess Midstream has increased its quarterly distribution per Class A share by approximately 45% since the first quarter of 2021.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.