Bismarck News

Crude Oil Prices Drop

September brought in record breaking numbers of oil production in North Dakota.

About 67-thousand barrels were produced a day, which is a 5 percent increase. As winter is already here, the oil industry is seeing the effects. The price of sweet crude oil has dropped nearly 20 dollars a barrel since October. With many more months of winter weather expected, we asked if that price could drop even lower.

Lynn Helms; NDIC Dept of Mineral Resources: "I think our answer would be no. I think we've seen the bottom. The markets reacted very aggressively to the exemptions that were granted to the Iranian sanctions. Saudi Arabia has already announced that it's cutting production a half a million barrels a day in December."

We can also expect to see some changes in flaring regulations on tribal land. The Bureau of Land Management's new regulations go into affect on November 27th-- but they don't apply to the tribes. The BLM will be working with the state and the tribes to make sure flaring on native land is compliant.
 


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