North Dakota oil production hits another record, approaching 1 million barrels per day
Oil production in the state hit 973,280 barrels a day, up from revised 945K bopd in October.
With increases in production typical over the last six months, the million point could be passed in December or January. However, the rough winter will probably slow the production amount for a few months. More likely it will be February or March before passing 1M bopd.
Value of the production
Production for the month was 29,198,385 barrels. The Director’s Cut says sweet crude prices were $71.42 for the month. That means the value of oil produced was about $2.085 billion. With a higher price of $85.16 in October, the value of oil extracted was $2.5 billion. The higher price and extra day of production made October higher.
Two billion a month. Very cool.
Here’s a few of my graphs:
Average production by month for the whole state and for just the Bakken and Three Forks wells.
Saw an interesting graph at another site showing the rate of change in production. So, here is my graph of the changes in statewide production by month. Notice the sawtooth last winter, where a drop in one month was caught up in the next month.
For a longer term perspective, here is the monthly production since 1990: