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flag U.S. onshore oil production may peak this year due to low crude prices, warns Diamondback Energy CEO.

flag U.S. onshore oil production is likely to peak and decline this year due to a plunge in crude oil prices, according to Diamondback Energy CEO Travis Stice. flag The company has cut its capital budget by $400 million, reflecting a 15% drop in fracking crews and an expected 10% decline in onshore oil rigs by the end of the second quarter. flag Stice warns this trend threatens U.S. energy security and economic growth.

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