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North Dakota Oil Output Continues Recovery

OIL

North Dakota’s oil production is further recovering and is estimated to be down by around 250-300kbpd on Monday, compared with 350-400kbpd on Friday according to the pipeline authority.

  • Production across the US was reduced by around 10mn barrels last week, market participants told Bloomberg. Production losses in the Permian Basin of Texas and New Mexico are estimated at around 6mn barrels and shut-in output in North Dakota’s Bakken is seen at close to 3.5mn barrels, the sources added.
  • The production loss last week was at less than 1% of the total crude output as of Friday but they are expected to linger or even rise in North Dakota, the people said.

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