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Northrim Bank launched the Alaskanomics blog to provide news, analysis and commentary on Alaska’s economy. With contributions from economists, business leaders, policy makers and everyday Alaskans, Alaskanomics aims to engage readers in an ongoing conversation about our economy, now and in the future.

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Friday, June 01, 2012

Alaska North Slope crude price drops 15% in May; production continues to decline

Oil prices continued to drop in the month of May, with Alaska North Slope crude falling from $121.16 on May 1 to $102.78 on May 31, a 15% decline. West Texas Intermediate fell from $106.16 to $86.53 over the same time period. Production in May ranged from a high of about 592,000 barrels per day on May 3 to a low of 531,000 barrels per day on May 25, ending the month at about 557,000 barrels per day. Alaska's FY2013 budget is based on $110 per barrel oil price and an average of 563,000 barrels per day production.

May Oil Price and Production

Posted by at 03:46 PM in Alaska's Economy, Natural Resources, Oil & Gas |

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