Has US Oil Output Reached A Peak?
Published on
US crude oil output has not peaked. It will continue to increase.
A continued expansion of US production, even if it is moderate, along with a possible increase in OPEC+ output, will lead to an oversupplied oil market.
Moreover, we expect the demand headwind from the business cycle slowdown to weigh on crude prices.
Over a 6-to-12-month horizon, the path of least resistance for oil prices is to the downside.
BCA Research | FICC
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