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September 25, 2020 Comments Off on Dallas Fed Survey: Oil Execs Say Production Has Peaked Views: 499 Texas News, Top Texas

Dallas Fed Survey: Oil Execs Say Production Has Peaked

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Sixty-six percent of oil industry executives believe domestic oil production has peaked, the Dallas Federal Reserve reported in its latest quarterly Energy Survey. That downbeat assessment dovetailed with a prediction among survey respondents that OPEC would play a bigger role in determining oil prices going forward.

A plurality of executives surveyed by the Dallas Fed predicted that West Texas Intermediate would finish the year at between $40 and $44 per barrel. That’s a range that, judging by responses to another survey question, would barely move the needle in terms of stepping up the rig count.

“Sustained oil prices of $50 per barrel would kick things off again,” commented one respondent.

Regarding the current uncertainty and depressed demand in a sector that was nearing record levels of production before COVID-19, some executives blamed “poor management” by the current leadership in Washington.

However, others felt a Biden presidency “would kill our industry.”

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