Bakken no longer in million barrel club

For the first time since March of 2014, oil production in the state of North Dakota has slipped below the one million barrel a day mark.

The latest production figures out this week show that in August, North Dakota production slipped to 981 thousand, 39 barrels per day.

That represents a drop of some 49 thousand barrels per day, compared to July’s production figures.

The North Dakota Department of Mineral Resources now projects that by June of 2017, the state’s daily oil production will fall to nearly 900 thousand barrels a day.

The Peace Garden state’s oil production hit its peak in December of 201,  at 1 million, 227-thousand barrels per day

State officials said the on-going slow down in the Bakken is tied directly to weak oil prices.

Bakken sweet crude was selling this week for $39.75 per barrel, up from $32.98 per barrel in September.

This week’s count of active oil rigs in the Bakken is at 33, compared to the state’s all time high of 218 active rigs set in May of 2012.

Lynn Helms, director of North Dakota’s Mineral Resources Department said operators remain committed to running the minimum number of rigs while oil prices remain below the $60/dollar/barrel mark.