BISMARCK, N.D. (KUMV) – Volatility and uncertainty are impacting oil prices across the globe, including the Bakken.
Meeting with lawmakers, Department of Mineral Resources Director Nathan Anderson said a number of factors are playing into the outlook, including tensions in the Middle East and tariffs. Despite a temporary climb after the United States bombed Iran, WTI crude prices are holding in the mid-60s, which is around the state’s breakeven point.
“I would signal the same thing I did four to six weeks ago: an expectation of a slight activity decrease in the state at that price environment,” said Anderson.
Anderson said that news comes after talking to some large producers, who are predicting a drop in activity.
North Dakota averages more than 1.1 million barrels of oil per day.
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