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Night view of H&P drilling the Bakken. The North Dakota oil boom was the period of rapidly expanding oil extraction from the Bakken Formation in the state of North Dakota that lasted from the discovery of the Parshall Oil Field in 2006, and peaked in 2012, [1] [2] but with substantially less growth noted since 2015 due to a global decline in oil prices.
Brent oil, the global benchmark price, slipped 3%, closing the year at around $77 a barrel. Meanwhile, WTI, the U.S. oil price benchmark, ended the year right where it began at roughly $71 per barrel.
An analyst for Wood Mackenzie said that the overall break-even price was US$62/barrel, but in high-productivity areas such as the Sanish Field and the Parshall Oil Field, the break-even price was US$38–US$40 per barrel.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Oil prices rose on Tuesday amid tight supplies and speculation over what $100 oil could do to the economy.. West Texas Intermediate settled at $90.39 per barrel on Tuesday while Brent also closed ...
Photo credit: ConocoPhillips Genscape, which is a leading provider of energy information, recently estimated that June's Bakken daily oil production would skyrocket by 54,000 barrels of oil per day.
It was the discovery of the Parshall Field that was largely responsible for the North Dakota oil boom. [2] Parshall's break-even price is at US$38/barrel, which is the lowest on the Bakken Formation; overall, Bakken's break-even point is of US$62/barrel. [3]
The integrated global energy giant has stress-tested its portfolio for much lower oil prices. A downside scenario assumes a flat $50 oil price from 2025 through 2027.