North Dakota oil output pushes state revenue ahead of forecast

State News

FILE – In this June 11, 2019, photo a pump jack operates in an oil field in the Permian Basin in Texas. The world may be heading into an oversupply of oil, and that possibility is hanging over members of the OPEC cartel, which will meet later this week to decide whether to further cut production to boost prices. (Jacob Ford/Odessa American via AP, File)

(AP) – Record oil production is pushing state revenue ahead of expectations for the first several months of the state’s two-year budget cycle.

North Dakota budget director Joe Morrissette says revenue is up 7.6 percent, or about $121.6 million, over projections. Oil production in North Dakota is about 1.5 million barrels daily.

The state has, so far, collected more than $1.25 billion in oil tax revenue for the current budget cycle, or about 4 percent more than projected.

Data show oil production is running about 5 percent ahead of projections, while prices are running about 4 percent higher than forecast.  

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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