Today, Lynn Helms, director of the North Dakota Industrial Commission, released his Director's Cut, which can be found here.
Although the total production from November to December 2105 increased slightly, the number of barrels of oil produced per day declined slightly, approximately 29,500 barrels/day.
An additional notable decline can be seen in the rig count – the drilling rig count in North Dakota for the months of November and December 2015 was 64. However, the rig count declined to 52 in the month of January and currently sits at 41 as of today. The Director's Cut reports that today's rig count is the lowest since July of 2009 and that the statewide rig count is down 81% from the high. The Director's Cut also reported an estimated 945 wells waiting to be completed.
The price of oil rebounded and recovered slightly today, as reported by an article featured in the New York Times entitled "Market Rises on Gains in Oil Prices and Earnings." Bloomberg Business confirms that WTI Crude Oil closed at $30.92 per barrel, a 6.47% increase, and that Brent Crude closed at $34.60 per barrel, a 7.52% increase.
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