North Dakota’s oil production fell about 20,400 b/d month on month in June to 1.026 million b/d, and output is expected to fall below 1 million b/d “pretty soon,” likely before year-end, the state’s top oil and gas regulator said on Friday. And once that happens, production could linger at a level around 900,000 b/d for more than a year, Lynn Helms, the director of oil and gas for North Dakota’s Department of Mineral Resources, said during the state’s monthly production webinar. Helms said oil companies have been restricting or shutting in production, especially recently due to the most recent drop in WTI oil prices to the low $40/b. Oil had been in the high $40s/b from mid-May to early July and even briefly climbed higher than $50/b in June. “Operators are frustrated, not wanting to liquidate their [best] assets,” Helms said. “In the month of August, I’m hearing […]