With crude oil prices on the rise, state data from North Dakota show the No. 2 oil producer in the United States gained one rig from one week ago.
During the first weekend in April, state data showed the number of rigs deployed in North Dakota dipped below 30 for the first time in years. State inspectors raised the tally by one later in the day on April 4 and the latest published information show 31 rigs actively exploring for or producing oil and natural gas in the state.
Lower crude oil prices mean energy companies have less capital to invest in exploration and production. The rig count Monday in North Dakota is 66 percent lower than this date in 2014, against a 24 percent year-on-year decline in the price of crude oil.
Crude oil prices have ebbed and flowed in recent sessions on mixed reactions to the prospects for a production agreement from Russia and some members of the Organization of Petroleum Exporting Countries. Commitments of attendance from oil ministers last week pushed the price of oil up above $40 per barrel for the first time since March. The price for oil is holding above that mark, however, for the first time this year.
North Dakota had 32 rigs actively engaged in oil and gas exploration and production for three straight weeks in March. As the No. 2 oil producer in the country, the state reported crude oil production at 1.12 million barrels per day in January, the last full month for which data are available. That production level is 8 percent lower than the all-time high recorded in December 2014. New figures from the state are expected later this week.
North Dakota recorded 208 rigs in service on this date in 2012. The all-time low point is zero.
