Economic Research: Is U.S. Oil Production About to Peak?

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Oil: Is Climbing U.S. Production About to Peak?

By Erik Norland, Senior Economist, CME Group

Highlights

  • Number of U.S. oil rigs in operation stopped growing in July
  • Output could still rise over next few months before falling
  • U.S. oil production could soon peak at about 9.75 million barrels per day
  • Declining U.S. inventories could support prices over the long term

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