North Dakota’s oil production has been flat for more than a year, but it hasn’t fallen despite the sharp drop in prices, illustrating the challenges of rebalancing the oil market. Output was just under 1.18 million barrels per day (bpd) in November 2015, according to state records published on Friday ( tmsnrt.rs/1S1OoYD ). Output first hit this level September 2014 and has been essentially unchanged for the last 15 months, the longest and deepest pause in growth since the shale boom began ( tmsnrt.rs/1S1OoYz ). The drop in oil prices, which have fallen by more than 70 percent since June 2014, has curbed the former growth in output. If production had continued growing at the pre-June 2014 rate of around 2.3 percent per month it would now be at around 1.63 million bpd ( tmsnrt.rs/1S1Osro ). The reduction […]