Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

North Dakota sees further declines in oil production ahead as prices hit seven-year low

 


North Dakota’s oil price has dropped to a seven-year low, and operators are drilling fewer new wells, portending future declines in production, the state’s Mineral Resources Department reported Wednesday.

“We are looking at a lot of belt tightening and we are looking at it to continue through the entire first half of 2016,” Lynn Helms, director of the regulatory agency said on his monthly Director’s Cut conference call with reporters.

In October, however, oil production in North Dakota rose 0.6 percent to nearly 1.17 million barrels per day compared with September, but that’s down from the peak of 1.23 million barrels last December.

http://www.startribune.com/n-d-sees-further-declines-in-oil-production-ahead-as-prices-hit-seven-year-low/361301601/

 

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