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66% energy execs believe US oil production has peaked: Dallas Fed survey

The Dallas Fed did not say if the peak was considered temporary or permanent as major oil firms have been discussing

Oil rig
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The United States last pumped 12.2 million barrels per day, taking top spot in global crude oil output.

Erwin Seba | Reuters Houston
Nearly two-thirds of US energy company executives polled by the Federal Reserve Bank of Dallas believe U.S. crude oil production has peaked, according to a survey released on Wednesday.

The Covid-19 pandemic has knocked global oil demand and prices, prompting deep cuts in drilling this year by shale oil producers. The United States last pumped 12.2 million barrels per day, taking top spot in global crude oil output.

Survey results said 66% of 154 oil and gas firm executives contacted by the Dallas Fed this month believe US crude oil production has peaked. The survey includes executives from Texas, Louisiana

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First Published: Sep 23 2020 | 10:40 PM IST

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