North Dakota Sees Boost in Oil Production Amid Higher Prices

North Dakota's oil production numbers are improving, thanks to higher oil prices due to the ongoing US-Iran conflict. The state's Director of Mineral Resources, Nathan Anderson, reported that North Dakota produced an average of 1.153 million barrels per day in June, a near 2.5% increase from May.

This marks the first time this year that production has surpassed revenue forecasts, which are based on a $59 oil price. The actual market price for June was $80.56 per barrel, making it approximately 36.5% above forecast.

Anderson also noted an uptick in drilling rigs, with 33 rigs currently operating in the state, up from 26 in mid-July. This increase includes five new rig operators that have entered the market, which should help drive oil production and permitting trends.