ND March Output Dips, India Ethanol Push, SpaceX S&P Delay

U.S. crude oil production was essentially flat in March 2026, with output from North Dakota decreasing by 1 thousand barrels per day (kb/d) to 1,121 kb/d, according to data from the Energy Information Administration (EIA) cited by Bing News. Overall U.S. production decreased by 1 kb/d to 13,696 kb/d for the month and is down 168 kb/d from its October 2025 level.

In a move that could influence long-term global oil demand, India launched a new E85 fuel blend on Friday, June 5, according to OilPrice.com. The fuel, containing 85% ethanol, is part of India's flex-fuel mobility program aimed at reducing the country's dependence on imported oil. India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, launched the fuel and the country's first flex-fuel passenger vehicle this week. The government's think tank, NITI Aayog, classifies ethanol-based Flex-Fuel Vehicles (FFVs) as Zero-Emission Vehicles. India imports nearly 50% of its crude from the Middle East and has recently boosted Russian imports to record highs.

Separately, a major decision from S&P Dow Jones Indices could delay significant passive investment inflows into a high-profile company, according to OilPrice.com. The index provider announced it will not shorten the 12-month seasoning period required for newly public companies to be considered for inclusion in the S&P 500 Index. This rejection of proposed rule changes means mega-cap companies like SpaceX cannot gain rapid entry into the benchmark after going public. BNP estimates had suggested SpaceX's inclusion six months after its IPO would unlock $13.4 billion in inflows; that will now be delayed. S&P also confirmed it will not waive existing profitability and minimum public float (10%) requirements.

These developments present a mixed global picture for Bakken operators. The steady but slightly lower North Dakota production figure reflects ongoing operational dynamics in the basin. India's aggressive push toward ethanol-based fuels, aimed at cutting crude imports, underscores a long-term trend of demand diversification in major consuming nations. Meanwhile, the S&P's decision maintains traditional financial guardrails for index inclusion, affecting capital flows into new market entrants.