- We predicted last month that North Dakota oil production would remain flat in March at 1.178 million b/d before increasing in April, while consensus expected a decrease of around 1% in both months.
- Our March forecast was off by only 12,000 b/d (1%). We have lifted our April production estimate accordingly.
- Financing remains the major risk to production in the Bakken.
- The near-term risk comes from service companies, who are expected to have a poor second quarter as the E&P sector seeks cost reductions, while longer term, asset revaluations in October threaten the E&P companies.
by Tim Wilson // 4 June, 2015
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