Lawmakers’ analyst predicts lower oil production than state
BISMARCK, N.D. (AP) — An economic consultancy hired by the North Dakota Legislature predicts slightly higher oil prices but lower production over the next two-year budget cycle than a state forecast.
The forecast presented Tuesday by IHS Markit to lawmakers estimated general fund revenues from major tax collection categories at $2.9 billion. That’s down 7.5 percent from revenue forecast presented Monday by state budget analysts and Moody’s Analytics.
The Legislature’s consultancy predicted oil production to slip from the current 1.4 million barrels daily to 1.3 million barrels at the end of the budget cycle. The forecast presented Monday expects production to rise by about 400,000 barrels over the budget period.
Lawmakers will consider both forecasts to set the final numbers Thursday when they begin finishing their work on the state’s 2019-2021 spending plan.