Despite the array of new North Slope projects underway oil production is expected to decline in the near term from 492,000 barrels per day average in state Fiscal Year 2020 (the current budget year ending June 30) and drop further to 490,500 barrels per day in FY 2021, the budget year starting next July 1. This is according to the latest long-term production forecast by the state Department of Revenue, published Dec. 6. By 2024 production is expected to be down to 434,000 barrels per day, according to the forecast. By 2029, new projects are expected to bring production back to 494,500 barrels per day. In November, slope production was 15,000 barrels per day below November 2018. The decrease was attributed to the large Prudhoe Bay field, which dropped 18,500 barrels per day in November year-over-year.