North Dakota Rig Count

The U.S. second largest oil producing state, North Dakota, saw a further decline in rig counts last week. Currently there are 35 active drilling rigs in North Dakota’s Bakken play. This is 70% below the rig count in March 2015 and 85% below the March 2012 peak. However, oil production from the Bakken is 1.2 million barrels per day only 3% less than last year. Global supply pressures eased somewhat last week and crude oil prices gained 8%. Baker Hughes showed the U. S. rig count at 502 at the end of February, down 12 nationwide in the previous week.