Rev-E-News: October 2024

2023-25 Biennium Oil Price

North Dakota average oil price for the 2023-25 biennium is $73.17 through August 2024.  The price remains above the legislative forecast of $70 per barrel for the first year of the biennium, and $62 for the second year of the biennium. The average North Dakota oil discount for 2024 to date is $6.83 below NYMEX WTI price. The discount is higher than previous years, historically the average discount was $4.78 in 2023 and $3.33 in 2022.

The North Dakota Office of Management and Budget’s preliminary August forecast for the 2025-27 biennium assumes a North Dakota price of $63 for the first year of the biennium and $61 for the second year. 

Oil Updates

Allocation of State Share of Oil & Gas Taxes

Based on allocations through September 30, 2024, and 2023 legislative forecast. 

Statement of General Fund Revenues and Forecasts

Compared to Legislative Forecast
2023-25 Biennium
September 2024

Click on image to enlarge and/or print.

Compared to Previous Biennium Revenues
2023-25 Biennium
September 2024

Click on image to enlarge and/or print.

Comments or questions? Contact Susan Sisk, Office of Management and Budget Director.