Each month, North Dakota Mineral Resources Director Nathan Anderson and Pipeline Authority Director Justin Kringstad release the “Director’s Cut,” offering a detailed look at the state’s oil and gas sector. The March 2025 update, covering January data, shows production dipped slightly but remains strong overall, with rig counts and prices offering a mixed outlook for
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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
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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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
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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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
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
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
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
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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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.
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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.
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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.
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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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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.
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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 HeraldNotifications