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North Dakota’s Bakken Oil Output Slows

Bloomberg reports that "the shale boom in North Dakota has softened to a whisper."  

"The state’s Bakken oil region produced less oil in September than it did the previous year, the first time that has happened in more than a decade. Output fell as low oil prices, exacerbated by the region’s remoteness, caused companies to scale back drilling operations and delay completing new wells."  

"North Dakota’s portion of the Bakken produced 1.11 million barrels a day in September, down 1.1 percent from the same month a year ago, according to state data. Half the oil left the state by costly truck and rail routes, forcing producers to offer steep discounts. Along with an overall decline in crude prices, that’s prompted drillers to idle 67 percent of the rigs that were in the region last year."

Topics: news