From Yahoo Finance: 2025-05-07 13:00:00

The US oil industry faces a “tipping point” as crude prices hit multi-year lows. Diamondback Energy CEO warns of a production decline, with US crude output peaking. Tumbling prices impact profitability, risking sector stability. Trump’s pro-drilling agenda criticized as a “myth.” US oil production may be at its peak. OPEC+ plans to boost output, further lowering prices. Diamondback responds by cutting activity and expenditures, preferring debt repayment. Budget reduced by $400 million, awaiting price recovery to resume drilling.

Read more: A top exec says America’s oil industry is at a ‘tipping point’ and US production is set to drop