Sunset for Oil? Energy Execs think Maybe So..

Global demand destruction during the COVID-19 pandemic, work from home policies and the continued growth of electric vehicles has energy companies looking to a prolonged downturn in crude oil and fuel consumption.

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Reuters:

HOUSTON (Reuters) – Nearly two-thirds of U.S. 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 U.S. crude oil production has peaked. The survey includes executives from Texas, Louisiana and New Mexico.

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

Global demand destruction during the COVID-19 pandemic, work from home policies and the continued growth of electric vehicles has energy companies looking…

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