Pioneer’s Sheffield Sees $100 Oil Persisting, Amid Bump in OPEC+ Output

“It was miniscule. They just don’t have the supply,” Pioneer Natural Resources CEO Scott Sheffield said, pointing to OPEC heavyweights Saudi Arabia and United Arab Emirates.

Liz Hampton, Reuters

Crude oil prices will continue to climb as demand rebounds and supplies remain tight, the head of one of the largest U.S. shale producers said on Aug. 3.

Prices will remain at $100/bbl or more over the next five years, Pioneer Natural Resources CEO Scott Sheffield told investors on a conference call. Pioneer will remain focused in the near term on achieving roughly a 5% production volume growth rate, he added.

“I’m still very optimistic that the oil price is going to continue to march forward, with probably more upside than downside,” Sheffield said.

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