The Bakken, North Dakota is now pumping as much Crude as Venezuela
While the OPEC member's output tumbles, North Dakota's soars. July production set a new record for second time this year
By Stephen Cunningham
Petroleumworld 09 17 2018
North Dakota's oil production surged to a new record in July, putting the mid-western state on par with OPEC member Venezuela.
Home to the Bakken shale play, North Dakota pumped 1.27 million barrels a day in July, according to state figures released Friday. That's roughly the same output as Venezuela during the month. The South American nation, whose oil industry has collapsed amid a prolonged financial crisis, saw production fall further in August to 1.24 million barrels a day -- about half the level seen in early 2016, according to data from OPEC secondary sources.
Soaring output from shale formations, including the Bakken, helped the U.S. overtake Russia and Saudi Arabia to likely become the world's biggest oil producer earlier this year, according to preliminary estimates from the Energy Information Administration. At the same time, Venezuela's output is expected to tumble even lower, to 1 million barrels a day by the end of the year, according to the International Energy Agency.
Story by Stephen Cunningham from Bloomberg News.
bloomberg.com 09 17 2018
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