Crude oil supply in the United States will likely plateau and even slightly decline if the price of oil remains in the low $60s or drops further, one top oil executive warned.
For months, oil and gas producers have cast doubt on whether the markets can support the Trump administration’s efforts to “drill, baby, drill” while crude prices continue to drop and supply chain costs remain high due to tariffs on products such as steel.
As some have said, those factors will force drillers to take cost-cutting measures and slow operations. ConocoPhillips CEO Ryan Lance warned on Tuesday that market conditions will cause supply growth to stall or even slightly decline.
If “prices stay at $60 or go into the $50s, you probably are plateauing or
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