North Dakota's oil output barely budged in October despite somewhat higher prices than in September.
And the state is likely to close 2022 with a weak December after a huge storm — followed by a deep cold spell — crimped production.
The nation's third-largest oil producer, North Dakota churned out 1.12 million barrels of crude per day in October, down 0.02 % from the previous month.
"Oil production was about as flat can be," Lynn Helms, the state's mineral resources director, said Monday.
North Dakota produced 3.14 million MCF of natural gas in October, down 1%. (An MCF is 1,000 cubic feet of natural gas.)
The state's drill rig count — a harbinger of oil production — stands at 43, up from 40 in November and even with October.
The price of West Texas Intermediate – the benchmark U.S. crude price – averaged $87 per barrel in October compared with nearly $84 in September. But oil prices have since slumped to about $75 per barrel.
"There is great deal of uncertainty in crude markets," Helms said.
