US unable to boost oil output after reaching record levels, expert says
Former Shoura Council member Fahad bin Jumaa says US oil production has peaked and cannot be increased further, despite high prices.
Key Takeaways
AIFormer Shoura Council Economic and Energy Committee member Fahad bin Jumaa said the United States cannot increase its oil production after reaching historic levels and nearing its peak.
Speaking in an interview with Al Ekhbariya TV, he added that oil companies are always focused on maximizing profits. Therefore, with prices already high, there is little incentive to raise production further.
Data published by the US Energy Information Administration showed that US crude oil production fell by about 2% in May compared to the record level set in April, while exports hit a new all-time high for the second consecutive month.
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