Oil Prices Dip as Bakken Marketing Deal Highlights Steady Basin Activity

Oil prices edged lower on Thursday, with West Texas Intermediate (WTI) crude trading at $75.41 per barrel, down $0.60 for the day, according to live market data. Brent crude also declined to $79.29. The Bakken crude differential was $-3.42 versus WTI.

The price pressure follows a recent sharp selloff linked to geopolitical developments, Rigzone reported. Market concerns center on a potential U.S.-Iran peace deal, which could restore significant volumes of Iranian crude to the global market and weigh on prices.

Despite the lower price environment, activity in North Dakota's Bakken formation shows signs of stability. The state's top oil regulator, Department of Mineral Resources Director Nathan Anderson, stated that energy companies are expected to keep crude production steady this year despite the price decline, according to a Reuters report published by World Energy News. Anderson noted that operators in North Dakota continued to produce between 1 and 1.5 million barrels per day even when oil prices were at $60.

Anderson, speaking at a media briefing on June 18, said, "My experience is that $75 oil is a good price." He reported that the state currently has 26 drilling rigs operating, unchanged from the previous month, and that two operators—Continental Resources and a private company—have announced plans to add new rigs. The state issued 93 drilling permits in May, up from 83 in April.

Commercial activity in the basin continues, as evidenced by a new supply and trading agreement. Vivakor, Inc. announced on June 17 that its trading platform has entered into a one-year crude oil transaction covering approximately 120,000 barrels per month, commencing July 1, 2026. Based on current pricing, the deal is expected to generate about $9.6 million in gross revenue per month, or approximately $115 million annualized, according to the company's statement.

James Ballengee, Vivakor's Chairman and CEO, said the transaction "demonstrates the value of integrating commodity marketing with physical infrastructure." The crude will be delivered through Vivakor's pipeline-connected facilities at Stanley and Beaver Lodge, North Dakota. The company stated this arrangement expands its recurring commercial activity in the Bakken and contributes to an estimated $300 million in annualized contracted revenue opportunities for 2026.

For Bakken operators, the current price level near $75, combined with steady rig counts and permit activity, suggests a maintained pace of development. The new long-term marketing deal also indicates continued confidence in the basin's logistics and market access, even as broader crude prices face headwinds from potential shifts in global supply.