The number of active drilling rigs in the U.S. has been growing in recent months and so has the oil output. Both have combined to put downward pressure on the price of oil which has recently risen above the lows produced by a 7-month downward trend.
Read & Share sourced from: Reuters
The glut in world oil supply, which in turn led to the price of oil plummeting since mid-2014, may be behind us. OPEC, a cartel of loosely organized countries with a direct interest in maintaining higher oil prices has a tentative agreement that includes Russia to curb production. Speculation on oil futures responded quickly to
Read & Share sourced from: Reuters
Luke Geiver provides the recap on the monthly update provided by Mineral Resource director Lynn Helms. Of note, producers are still investing in technology to improve efficiency, and the price point required to see increased activity is $40-50 per barrel.
Read & Share sourced from: Bakken Magazine
The big news these days is the budget impact the low oil price is having on North Dakota. It’s a symptom of an old problem, those forecasting for oil markets is notoriously bad. The article linked below is a comprehensive look at the oil industry and the markets that shape the pricing. It’s an interesting
Read & Share sourced from: Quartz
As oil prices continue to drop and the downturn starts to feel more like near-term reality versus cyclical period, there are real financial consequences for those working and speculating in the oil industry. Reuters provides an in-depth look at what may be ahead.
Read & Share sourced from: Reuters
How do you know when something is news and a no brainer? When Heidi Heitkamp and Rob Port are on the same side of an issue.
Read & Share sourced from: Say Anything Blog.com
Last week OPEC decided to stick with the status quo and let producers keep producing. Meanwhile, local producers say the downturn in prices is forcing producers to get efficient and will ultimately lead to stronger, healthier oil production industry.
Read & Share sourced from: Reuters
The Organization of the Petroleum Exporting Countries’ meeting on Friday was a mix of tradition and modern chaos, as the cartel decided to stick to production levels. Here’s video from the Wall Street Journal.
Read & Share sourced from: Wall Street Journal
It’s against the law to export oil produced in the U.S. to other countries, and the ban has been in place since 1975. Senators Hoeven and Heightkamp have co-sponsored a bill that would lift the ban and allow American producers to compete in the international market. Commentary: Considering the changes that have taken place in
Read & Share
While it seems like the oil slowdown may actually be a good thing in some ways — everyone gets a chance to catch their breath, there’s no doubt everyone would prefer prices just a little higher than they are. And that’s what market forecasters are betting money on.
Read & Share sourced from: Reuters
The House approved Senate version of an amended oil tax bill that will do away with oil price tax triggers. The volatility of oil prices combined with the low-price trigger created a lot of uncertainty in forecasting revenues for North Dakota. Full story from Amy Dalrymple.
Read & Share sourced from: Grand Forks Herald
The U.S. has a law that does not allow oil producers to export their product abroad, but it’s a holdover from a period when we were less energy independent. Now, the Energy Information Administration has found that allowing exports would boost prices for local producers and reduce prices at the pump for consumers. Read Senator
Read & Share
Minnesota builders have played a big role building in the Bakken, and though the slowdown has a few looking closer to home for work, there are still developers who are betting big on the Bakken’s future.
Read & Share sourced from: Star Tribune
Analysis by global energy company Wood McKenzie shows a portion of the North Dakota oil field is still a prime target for investment and drilling — even at the lower prices we’re seeing now.
Read & Share sourced from: Bakken.com
Starting April 1, Haliburton will close its Minot locations. The majority of employees will be transferred to locations in Williston and Dickinson.
Read & Share sourced from: Dickinson Press
Canada is the only country U.S. oil producers can export to without restrictions, and the oil markets are creating incentives for Canadian refiners to import more U.S. oil.
Read & Share sourced from: Bloomberg