Crude prices continue to take a toll on shale producers across the country, with North Dakota currently experiencing their lowest production levels in over two years.
Related: Has the Bakken Peaked?
North Dakota's Department of Mineral Resources released the latest data showing that state oil production dropped 2% in June, falling to its lowest level since 2014.
The state agency reported last week that total production fell to 30.8 million barrels of oil in June, down from 32.5 million barrels in May.
“We’re still looking at a $50 price point for increased hydraulic fracturing activity in North Dakota. We really do expect to drop below one million barrels a day pretty soon. It’s going to take a significant amount of time and effort to move it back up again.”
In 2014, North Dakota joined Texas to become the first states to produce over 1 MMbpd of crude. Since peaking at 1.23 MMbpd in December of 2014, production has dropped slightly but not as fast as drilling declines, which dropped 35% last year.
Last week, the Bakken-Three Forks rig count increased by one with Baker Hughes reporting 29 rigs running across our coverage area by midday Friday.