Bakken Production Down, OPEC Production Up
Bakken production was down 46,433 barrels per day to 930,931 bod, All North Dakota was down 48,695 bpd to 981,039 bpd. This is first time North Dakota has been below 1 million barrels per day since March of 2014.
Bakken barrels per day per well dropped by 4 to 97 while all North Dakota bpd per well dropped by 3 to 76.
From the Director’s Cut
Oil Production
July 31,921,757 barrels = 1,029,734 barrels/day
August 30,412,200 barrels = 981,039 barrels/day (preliminary)(all-time high was Dec 2014 at 1,227,483 barrels/day)
Producing Wells
July 13,265
August 13,289 (preliminary)(all-time high)
Permitting
July 86 drilling and 0 seismic
August 99 drilling and 1 seismic September 63 drilling and 1 seismic (all time high was 370 in 10/2012)
ND Sweet Crude Price
July $35.57/barrel
August $33.73/barrel
September $32.98/barrel Today $39.75/barrel (all-time high was $136.29 7/3/2008)
Rig Count
July 31
August 32
September 34 Today’s rig count is 33 (all-time high was 218 on 5/29/2012)
Comments:
The drilling rig count increased one from July to August, then increased two from August to September, and is down one more from September to today. Operators remain committed to running the minimum number of rigs while oil prices remain below $60/barrel WTI. The number of well completions rose from 44(final) in July to 59(preliminary) in August. Oil price weakness is the primary reason for the slow-down and is now anticipated to last into at least the fourth quarter of this year and perhaps into the second quarter of 2017. There were no significant precipitation events, 11 days with wind speeds in excess of 35 mph (too high for completion work), and no days with temperatures below -10F.
The new October OPEC Monthly Oil Market Report is out with crude only production numbers for September 2016. All charts are in thousand barrels per day.
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