Steady Oil Production Expected in North Dakota Despite Price Drop

North Dakota's oil production is expected to remain steady despite a recent decline in prices, according to Nathan Anderson, director of the state's Department of Mineral Resources. The price drop followed an interim deal between the US and Iran to end their war.

Oil prices had fallen to $76.60 a barrel on Thursday, but Anderson said they are still historically strong. He noted that operators in North Dakota continued to produce 1 million to 1.5 million barrels of oil per day even when prices were at $60.

Anderson attributed the steady production to two operators planning to add rigs: Continental Resources, owned by billionaire Harold Hamm, and a private operator that will add one in July. This increase in drilling activity is expected to offset any potential decline in output.

The number of operating rigs in North Dakota remains unchanged at 26, with 12 hydraulic fracturing crews active. The state issued 93 permits to energy companies in May, up from 83 in April.