Energy

ConocoPhillips to resume normal Alaska North Slope oil production in July

JUNEAU - ConocoPhillips plans to resume normal production operations on Alaska’s North Slope in July after a reduction this month that the company attributed to low prices and a global oversupply of oil.

Natalie Lowman, a spokeswoman for ConocoPhillips Alaska, said the company in late May began a ramp-down ahead of plans to cut production by about 100,000 barrels a day for the month of June. That reduction currently is in effect, she said by email.

The company in late April said the decision was made in response "to unacceptably low oil prices resulting from global oil demand destruction caused by the impacts of the COVID-19 pandemic, combined with a global oversupply of oil."

Lowman said the company does not provide month-to-month production levels so she could not predict what production might be in July. But she said the company expected to resume normal production operations then. Decisions on any further production reductions would be made on a month-to-month basis, she said.

North Slope oil prices that were around or below $10 a barrel in late April were around $40 a barrel last week.

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