Outrun Change

We need to learn quickly to keep up with the massive change around us so we don't get run over. We need to outrun change.

Oil production in North Dakota starting to recover in July 2020.

Each of the light brown spaces is a well pad. Photo by James Ulvog.

As seen in the following graph, crude oil production increased in July 2020. It is up 179,958 barrels of oil per day (bopd) over the low of 860,430 bopd in May. This is a drop of 478,644 bopd from the high point in November 2019.

The price seems to have recovered at the mid-$30 range compared to around $50 last winter.  The value of crop production, as I calculated, is about half what it was last fall and winter.

Comments in various media suggest it may be difficult for production to be sustained above the 1 million bopd point.

For more detail, check out the production in the state in total and the Bakken field (including Three Forks and Sanish):

Next post: deeper dive into pricing and value of production.

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