North Dakota Oil Production Sees Uptick Amid Higher Prices
North Dakota's oil production has seen an uptick in June, according to data released by Nathan Anderson, director of the North Dakota Department of Mineral Resources. The state produced an average of 1.153 million barrels per day in June, a near 2.5% increase from May's 1.125 million barrels per day.
This represents a positive trend for the state, which relies heavily on oil and gas taxes for revenue. Anderson noted that this increase is not surprising given the current high oil prices, but was unexpected to occur just a month later than anticipated.
The North Dakota market oil price for June was at $80.56 per barrel, while the state's revenue forecast is based on a $59 price. This means the June number is approximately 36.5% above revenue forecast.