differentials challenging

Price map shows differentials are challenging right now for light sweet crude flowing to the Gulf Coast.

North Dakota started the year at 55 rigs and, in a few short weeks, with twin blows from the COVID-19 outbreak and the Russia-OPEC price war, has shed around 40 percent of them. The industry is now sitting at about 33 rigs.

Well waivers, meanwhile, have been sought to shut in uneconomical production. So far, based on that, the industry appears to have shut in something like 260,000 barrels per day of production, according to the state’s top oil and gas regulator, Department of Mineral Resources Director Lynn Helms.

Load comments