Alaska North Slope crude oil prices bounced around the $100 mark during the month of June, ending the month with a $7 per barrel rally from June 28 to June 29, to $100.21 per barrel. This is still more than 15% off the $120 per barrel prices at the beginning of May. Alaska's oil prices maintained their $15 to $16 differential over West Texas Intermediate crude over the month.
Production in June ranged from a high of about 592,000 barrels on June 12 to a low of 381,000 barrels on June 2 due to planned maintenance. Average production for the month was about 517,000 barrels per day, compared to an average of about 581,000 barrels per day in June 2011 - an 11% decline.
Alaska's FY2013 budget is based on $110 per barrel oil price and an average of 563,000 barrels per day production.
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