Global oil demand will likely recover to its pre-pandemic levels of 100 million bbl/d by 2022 or early 2023, Pioneer Natural Resources CEO Scott Sheffield said on Dec. 1.


Pioneer’s Sheffield: Few Independents Will Survive Oil Downturn

Demand next year is likely to be around 97 million bbl/d, Sheffield said, speaking at the Reuters Future of Oil & Gas 2020 virtual conference. He added the oil industry will "still need some help from OPEC" with supply cuts of 3 million to 5 million bbl/d next year.

Pioneer, one of the largest independent U.S. shale operators, is putting drilling rigs back to work in the Permian Basin oil field, but plans for oil production growth of zero to 5% in 2021 while demand recovers, Sheffield said.

The company will close its $4.5 billion all-stock buyout of Parsley Energy Inc. in the first quarter of the year. Sheffield said he expects "several more" such mergers in the oil industry.