Latest oil production numbers reveal modest drop, also presents potential worldwide oil crisis

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The latest oil production numbers for the state were released Tuesday, which showed a modest drop of 4 percent, but with it came news of a potential worldwide oil crisis in the next five years.

A warning from the North Dakota Department of Mineral Resources Director Lynn Helms: "By 2021 we could have an oil shortage and see a major spike in oil prices."

Helms says the downturn in the oil market from 2014 to 2016 caused the industry to under invest by more than a trillion dollars during that time. Combined with cuts from OPEC have caused world oil stores to dry up.

"OPEC and Russia have tried to manage production and under produce so that that storage would be used up and that has really happened," said Helms.

Until 2021 some experts think the price of oil may fluctuate quite a bit.

"Unless we have a collapsing US dollar next fall I think you'll see oil prices peak out this June and probably by summer time if there's no hurricanes on the gulf coast we'll see oil prices drifting into the fall," said Eugene Graner, heartland Investors.

While Helms says it's his job to forecast the most realistic scenario, his hope is that oil remains steady; closer to $70 a barrel.

Helms says he expects oil production in the state to break it's all time record of 1.2 million barrels per day around June.