North Dakota oil output stable at 1.2 million barrels per day
North Dakota’s oil output recovered slightly in May, rising again to 1.2 million barrels per day, a level that the state’s top oil regulator believes is sustainable even as oil prices have dipped again according to reports by bakken.com..
“The industry is going to find it pretty easy to stick at the 1.2 million barrels per day mark,” Lynn Helms, North Dakota’s top oil regulator said Friday as he released May production figures. ” … People are hoping that prices increase and we go can go back into a growth mode, but we are capable of sustaining production for a couple of years.”
The number of rigs drilling for North Dakota oil fell to 73 this month, the lowest number since November 2006, and down 67 percent from the peak in 2012. More than 14,000 drilling jobs have been lost, he added.
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