Oil production in August 2018 for North Dakota hits another record level
In August the crude oil production in the state hit an average of 1,291,496 barrels of oil per day (bopd). As always, that is the preliminary tally, which will change when a few late reports arrive.
The record high before a several year slump was an average 1,229,572 bopd in December 2014.
In the last five months there have been three record highs with two months barely under the 12/14 record.
Here is my graph of production state-wide and Bakken only (including Sanish, Three Forks, and Bakken/Three Forks levels). Notice the steady increase over the last few months and a strong rise since winter of ‘16/’17.
For a far longer perspective, look at the average production data since 1990. I like this graph because it shows a pattern of explosive growth from about 2008 through late-2014, a drop until around the end of 2017 and a rapid growth since then. The longer view:
In addition, the price realized in North Dakota for sweet crude has been rising. Notice the steady upward slope since spring of 2016. Prices for sweet crude in the state:
What is the value of that oil? Multiplying the monthly production amounts by the above average sweet crude prices in the state shows the statewide revenue for producers. Notice that a smoothed trend would show flat for most of 2015, all of 2016 and most of 2017 with steady rise since summer of 2017.