US unable to boost oil output after reaching record highs, expert says
Former Shoura Council member Fahad bin Jumaa says US oil production has peaked and cannot increase further, despite high prices and record exports.
Key Takeaways
AIFahad bin Jumaa, former member of the Shoura Council’s Economic and Energy Committee, said the United States is unable to increase its oil production after reaching historic levels and nearing its peak.
Speaking in an interview with Al Ekhbariya channel, bin Jumaa added that oil companies are always focused on maximizing profits, so there is little incentive to boost output when prices are high and their main goal is profitability.
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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