BISMARCK, N.D. (KUMV) – A lot of North Dakota’s finances lie with the price of oil. Uncertainty over tariffs and global affairs has lowered WTI crude prices to around $60 a barrel, which is around North Dakota’s breakeven point.
Department of Mineral Resources Director Nathan Anderson said this, combined with ongoing mergers, will cause a drop in both rig counts and frac crews. He’s hearing it from large and small companies.
“Industry leaders are probably challenged right now to find certainty in kind of a volatile price market, and it’s kind of low,” said Anderson.
North Dakota Petroleum Council President Ron Ness said he believes this isn’t a long-term concern, but rather another cycle of ups and downs when it comes to oil prices.
“This one is not going to be in our estimations severe at this point, at least with the outlook. Certainly a little softer in terms of activity going the rest of this year,” said Ness.
North Dakota averages more than 1.1 million barrels of oil per day.
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