World crude capacity peaked at 85 million bpd: Pickens
WASHINGTON (Reuters) - World oil production capacity has topped out at 85 million barrels per day, billionaire oil investor T. Boone Pickens said on Tuesday.
"I do believe we have peaked out at 85 million barrels a day globally," Pickens, who heads BP Capital hedge fund, with more than $4 billion under management, said during testimony to the Senate Energy and Natural Resources Committee.
U.S. crude futures have risen by a third this year, and more than six-fold since 2002, as surging demand from China and other developing nations outpaces new production.
Oil prices stood above $134 a barrel on Tuesday, after touching a record high near $140 a barrel the previous day.
(Reporting by Missy Ryan; Editing by Walter Bagley)