Posted on 06/16/2022 10:08:33 AM PDT by Oldeconomybuyer
A new report from the North Dakota Department of Mineral Resources shows the state’s oil production has dipped below 1 million barrels a day.
North Dakota pumped about 900,600 barrels of oil each day in April, a decrease of 20% from the previous month.
The state’s all-time high in oil production came in November 2019 when the state produced more than 1.5 million barrels a day.
This week, 40 rigs are actively drilling in North Dakota, an increase from April when 38 rigs were drilling. The state had an all-time high of 218 rigs drilling on May 29, 2012.
State mineral resources director Lynn Helms said the drilling rig count is slowly increasing, Minot Daily News reported.
He said OPEC+ continues to phase out oil production cuts that began last September 2021 and expected to run through the end of the third quarter of 2022. At its June meeting, OPEC+ decided to increase production about 680,000 barrels per day in July and increase prices.
(Excerpt) Read more at apnews.com ...
The state’s all-time high in oil production came in November 2019.
Hmmm, I wonder what changed?
Depressingly, idiots will keep voting for their oppressors and taking me down with them.
“the state’s oil production has dipped below 1 million barrels a day. “
Why?
the hits just keep on coming.
Tubular goods are in short supply and high prices and the dc clowns won’t even think of reducing tariffs. They cling to hope the unions will support them.
BTW, there is more bad news. Shale is inherently weak production. It has a decline curve more like a rock falling into an empty well. It is a drilling and investment treadmill. I hate that but it is true.
Biden has a plan! Its working! destroy America!
Among other things Covid and two years of reduced demand for gasoline.
Either they’re experiencing the usual quick decrease inherent in fracking, or the Wokey McWokersons of ESG aren’t slipping them as much cash.
Shale production has a decline curve like a rock falling in an empty well. Holding the total rate up depends on drilling like a mad man. Our energy dependence has always been built on a house of cards. Oil was too cheap, now it is too high and without killing demand can probably only go higher.
I thought it was about to kill demand but the EIA report yesterday does not show that.
Apartments that were renting for $2000/mo. in Williston 10-15 years ago are now priced at $700. The town is so overbuilt with housing that rents will probably drop another 20% under this Administration.
question: how many producing wells were capped when crude cratered?
What changed?
Probably the onset of the two year ND winter.
Another two and a half years to go before it might see a spring thaw.
Kill demand? What are suggesting?
Exactly. If the gullible idiots were the only ones who felt pain from their stupid vote I wouldn’t mind. Another reason why the founding fathers didn’t support one-warm-body = one vote.
The Biden Ban on new fracking wells could not be a cause, could it?
It burns out when people chop all discretionary spending.
Do you mean, “what are YOU suggesting”?
No product has infinite elasticity to price. You do know that don’t you?
For future drilling perhaps. But if the article is correct, the oil companies have the current ability to be taking 1.5 million barrels per day out of North Dakota since they've hit that mark before. Yet they aren't.
You can pump all the oil in the world, but if you cannot get it to market what’s the point?
As I read it in a different article, the ban is on future drilling, not current wells. They can take out of existing wells, but are prohibited from drilling new wells, so production is bound to fall.
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