The largest oil producer in North Dakota has halted most of its production in the U.S. state and notified some customers it would not supply crude after prices dived into negative territory this week, people familiar with the matter said.
FILE PHOTO: Storage tanks stand on a Continental Resources oil production site near Williston, North Dakota January 23, 2015. REUTERS/Andrew Cullen/File Photo
U.S. crude prices plunged into negative territory this week - meaning suppliers had to pay people to take oil - due to lack of storage space, prompting moves by operators to halt output. Coming into this year, Continental produced nearly 150,000 bpd in the Bakken, according to company figures. Continental had reduced its production through May by 30% before the latest price crash and suspended its dividend.
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