Value of the crude oil produced in North Dakota dropped in 2020 due to the drop in demand caused by the pandemic. This produced a double hit: drop in volume and drop in crude oil prices.
Values calculated by multiplying the production volume by the average price of North Dakota light sweet in the state as mentioned in each months Director’s Report.
Value of production in the last four years has been:
- $16.2B – 2017
- $24.1B – 2018
- $24.1B – 2019
- $13.0B – 2020
In graph form, this looks like a roller coaster ride:
The volume of production dropped substantially due to the drop in demand caused by the pandemic.
Production for the last four years:
- 395M barrels – 2017
- 466M – 2018
- 524M – 2019
- 439M – 2020
In graph form, production since 2003 is:
This production can be seen in terms of average barrels of oil per day (BOPD) since 1990 as:
The average price by month has been quite volatile. Collapse in price caused by OPEC flooding the market in 2014 and the pandemic in 2020 is immediately noticeable:
