Dallas Fed survey shows oil execs think US oil output peaked

Wednesday, 23. September 2020 19:50

A survey by the Federal Reserve Bank of Dallas published on Wednesday showed that most energy executives believe the United States oil production has peaked.

According to the survey, 66% of 154 oil and gas company executives believe US crude production has peaked, while 34% disagree.

Meanwhile, 74% of the surveyed executives said they think that OPEC will play a bigger role in determining crude prices. The report also showed that, on average, the respondents expect West Texas Intermediate (WTI) oil prices to stand at $43.27 per barrel by the end of the year. WTI futures for November delivery traded at $39.95 per barrel at 1:40 pm ET.

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Breaking the News / NP