North Dakota oil production still on the rise, boosting state tax revenues

BISMARCK — North Dakota continues to take in oil tax revenues above numbers that were forecast, as the U.S. war with Iran drags on. The revenues are spurred by high oil prices resulting from the war and steady, ongoing increases in oil production in the state, as outlined in the Department of Mineral Resources media briefing on Tuesday, Oct. 20. Richard Suggs, a geology and Underground Injection Control program manager, presented the data, most of which lags by two months. He said the number of producing wells in North Dakota hit an all-time high of 20,177 in August, adding 105 from the previous month. Those wells produced more than 36 million barrels of oil in August, or 1.16 million per day, compared with 35.9 million produced in July, or 1.15 million per day. August production was 5.6% over the state s revenue forecast of 1.1 million barrels per day. West Texas Intermediate crude oil futures, a benchmark oil price used primarily in the U.S., hovered aro