EIA forecasts lower oil price in 2025 amid significant market uncertainties

Uncertain demand and extra supply is likely to dominate the energy markets in the near future; that means lower prices are likely. In 2024, the benchmark Brent crude averaged $81 per barrel, but it’s forecasted to dip to $74 in 2025 and $66 by 2026. This price slide is largely due to an increase in

Read & Share   sourced from: U.S. Energy Information Administration

ND Dept. of Mineral Resources Directors Cut: Production at 1.22 Million Barrels Per Day

The Department of Mineral Resources (DMR) Director Nathan Anderson presented the January 2025 Director’s Cut, detailing November 2024 oil and gas production statistics for North Dakota. With steady production and continued efficiency gains, the report highlights a stable outlook for the state’s energy sector despite industry challenges. Key Statistics    Oil Production: 36,632,000 barrels in

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Oil companies place no bids in Alaska wildlife refuge drilling auction

The allure of Alaska’s Arctic National Wildlife Refuge has met an unusual silence. The recent oil and gas lease auction, set against this rugged backdrop, attracted zero interest from energy companies. Why? High development costs and the tricky optics of drilling in a sanctuary seem to have deterred bidders. The absence of bids highlights the

Read & Share   sourced from: Reuters

ND Department of Mineral Resources Releases Report on Three Forks, Estimated $17.5 Billion Recoverable

The North Dakota Department of Mineral Resources released the findings of a 2024 study evaluating the recoverable oil resources of the Middle Three Forks formation. To quickly summarize, there’s an estimated additional 250 million barrels of recoverable oil in the formation. West Texas Intermediate is currently trading near $70 per barrel. That puts the value

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Oil climbs on weaker dollar, but rise in U.S. drilling drags

The number of active drilling rigs in the U.S. has been growing in recent months and so has the oil output. Both have combined to put downward pressure on the price of oil which has recently risen above the lows produced by a 7-month downward trend.

Read & Share   sourced from: Reuters

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Oil up sharply as OPEC finalizes first output cut since 2008

The glut in world oil supply, which in turn led to the price of oil plummeting since mid-2014, may be behind us. OPEC, a cartel of loosely organized countries with a direct interest in maintaining higher oil prices has a tentative agreement that includes Russia to curb production. Speculation on oil futures responded quickly to

Read & Share   sourced from: Reuters

Dealing with low oil, Bakken operators look for new tech

Luke Geiver provides the recap on the monthly update provided by Mineral Resource director Lynn Helms. Of note, producers are still investing in technology to improve efficiency, and the price point required to see increased activity is $40-50 per barrel.

Read & Share   sourced from: Bakken Magazine

Forecasting Oil Markets has Proven Risky Business

The big news these days is the budget impact the low oil price is having on North Dakota. It’s a symptom of an old problem, those forecasting for oil markets is notoriously bad. The article linked below is a comprehensive look at the oil industry and the markets that shape the pricing. It’s an interesting

Read & Share   sourced from: Quartz

Implications of an Extended Period of Low Price Oil

As oil prices continue to drop and the downturn starts to feel more like near-term reality versus cyclical period, there are real financial consequences for those working and speculating in the oil industry. Reuters provides an in-depth look at what may be ahead.

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Heidi Heitkamp: Allowing U.S. Crude Oil Exports Won’t Raise Gas Prices

  How do you know when something is news and a no brainer? When Heidi Heitkamp and Rob Port are on the same side of an issue.

Read & Share   sourced from: Say Anything Blog.com

North Dakota Refuses to Flinch as OPEC Keeps Output High

  Last week OPEC decided to stick with the status quo and let producers keep producing. Meanwhile, local producers say the downturn in prices is forcing producers to get efficient and will ultimately lead to stronger, healthier oil production industry.

Read & Share   sourced from: Reuters

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OPEC Lets the Market Determine the Price of Oil

The Organization of the Petroleum Exporting Countries’ meeting on Friday was a mix of tradition and modern chaos, as the cartel decided to stick to production levels. Here’s video from the Wall Street Journal.

Read & Share   sourced from: Wall Street Journal

Senators Hoeven & Heitkamp Co-Sponsor Bill to Lift Ban on U.S. Crude Oil Exports | INFORUM

It’s against the law to export oil produced in the U.S. to other countries, and the ban has been in place since 1975. Senators Hoeven and Heightkamp have co-sponsored a bill that would lift the ban and allow American producers to compete in the international market. Commentary: Considering the changes that have taken place in

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Oil Price Prognosticators Say $75 For a While

While it seems like the oil slowdown may actually be a good thing in some ways — everyone gets a chance to catch their breath, there’s no doubt everyone would prefer prices just a little higher than they are. And that’s what market forecasters are betting money on.

Read & Share   sourced from: Reuters

Oil Tax Trigger is Legislated Away, Goes to Governor

The House approved Senate version of an amended oil tax bill that will do away with oil price tax triggers. The volatility of oil prices combined with the low-price trigger created a lot of uncertainty in forecasting revenues for North Dakota. Full story from Amy Dalrymple.

Read & Share   sourced from: Grand Forks Herald

Hoeven: EIA Finds Crude Oil Exports Will Lower Fuel Prices

The U.S. has a law that does not allow oil producers to export their product abroad, but it’s a holdover from a period when we were less energy independent. Now, the Energy Information Administration has found that allowing exports would boost prices for local producers and reduce prices at the pump for consumers. Read Senator

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