Bakken Output Rebounds in December After Rare Dip From Blizzard
North Dakota’s Bakken, one of the shale formations boosting U.S. oil production to a 20-year high, saw output grow in December after slipping in November for the first time in 20 months.
Production increased 5 percent to 704,360 barrels a day, the highest level ever, according to the North Dakota Industrial Commission.
Output declined 2.2 percent in November from the previous month after a Nov. 10 blizzard dumped 8 inches (20 centimeters) of snow on Williston, breaking the previous record for the day of 2.2 inches.
Increased production out of the Bakken, the Eagle Ford formation in southern Texas and the Permian Basin in western Texas helped U.S. oil output exceed 7.06 million barrels in the week ended Feb. 8, the highest level since December 1992.
North Dakota production could grow to as much as 1.2 million barrels a day by 2015, Ed Morse, head of global commodities research at Citigroup Global Markets Inc., said in a report Feb. 13.
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