An oil rig in North Dakota
Bakken’s best oil days may have passed
Output from the mature play has not bounced back as expected from Covid-19
The Biden administration has taken a lot of criticism for the relative lack of recovery in US oil production since the pandemic slump in the first half of 2020, especially with Russia’s invasion of Ukraine in late February propelling North American benchmark WTI above $100/bl for several months. However, in the case of tight oil from the Bakken, factors beyond pro-climate and anti-hydrocarbons policies have played a far greater role in its lacklustre performance. Bakken oil production will range between 1.1mn bl/d and 1.35mn bl/d from 2022 to 2028, according to Nathan Nemeth, principal research analyst for global unconventional plays at consultancy Wood Mackenzie. Production collapsed to 860
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