Volume of 2018 oil production in North Dakota hits another record; total value rising.

Photo by James Ulvog.

Total production of oil in North Dakota in 2018 set a record as did the average daily production.  Prices have recovered from their low which means the value of that production is going up but not yet close to setting a record.

All of the following data is from a spreadsheet I maintain, with the raw data pulled from various reports published by the North Dakota Department of Mineral Resources.

Average daily production rose to 1,249,049 bopd in 2018, up from 1,081,543 bopd in 2017. That is an increase of 167,505 bopd, or 15.5%. Previous record was 1,184,009 bopd in 2015.

Average daily production:

 

Total production for the year was 455,902,738 barrels, an increase of 61.1M barrels over the 394.8M produced in 2017.

Total production over the years:

 

I also track the monthly price of crude realized in North Dakota. The trend:

 

In my spreadsheet, I multiply the monthly production by the crude price to get an approximation of the value of output. The combination of slightly rising prices and rising production puts the value up substantially, but not close to a record. I haven’t calculated an average yield per barrel for the year, which might be an interesting piece of info.

Total value of production:

 

Photo by James Ulvog.

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