North Dakota oil production hits another record in December 2018

Photo by James Ulvog.

Average production of crude oil in North Dakota rose 1.79% in December 2018, setting yet another record. The production in December was 1,401,385 bopd (preliminary).

At the end of 2017, production was 1,182,836 ave bopd (final). In one year, that is an increase of 218,549 bopd, or a whopping 18.5%.

Statewide and Bakken shale production has been trending up sharply.  The rapid rise since last winter’s lull is clear.

 

For a longer term perspective, check out the average daily production since 1990:

 

Photo by James Ulvog.

The price of sweet crude in North Dakota took a sharp drop in December. I checked another source which confirmed the price took a hit in the month but has since recovered. There was a sharp increase in the spread between N.D. crude and West Texas Intermediate during the month. I won’t bother trying to find out why.

Average price of crude in the state:

 

Multiplying the monthly output by the average price shows my estimate of the value of crude oil produced in the state, which has dropped substantially in the last two months:

 

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