North Dakota Says Oil Recovery Will Be Slow Even as Wells Start
- Output fell below 1 million barrels a day in recent weeks
- Prices near $30 a barrel has operators restarting some wells
Pumpjacks are seen above oil wells in the Bakken Formation near Dickinson, North Dakota.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Producers are already restarting oil wells in North Dakota as prices come off record lows, but talk of a recovery is premature, said the state’s energy regulator.
The historic price rout has in recent weeks curbed output in the second-biggest producing state by a third to below 1 million barrels a day, according to the Department of Mineral Resources. More than 7,000 wells have been shut. Now, with prices hovering close to $30 a barrel, field inspectors are reporting that some production is returning.