Bakken oil production peaks
The North Dakota Department of Mineral Resources has released the latest oil production numbers for the Bakken. Based on the trend seen since December, it appears the formation's production has peaked – at least for now.
In February, oil production dropped to 1.12 million barrels per day (mbbl/d), the lowest level since August 2014, and down 4 percent from the December high of 1.16 mbbl/d.
Back in June, a Gaussian-type analysis of historical production in the Bakken here at American Thinker predicted a peak of 1.13 mbbl/d, which is less than 3 percent from the current peak. However, the steepness of the climb prior to the peak suggests that the decline, if it continues as a result from ongoing low oil prices, could be faster than originally projected.