Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
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.
International Brent futures were trading at about $99/bbl and WTI oil futures in the U.S. were at about $92/bbl on Aug. 3 amid an unexpected 4.5 million-barrel surge last week in U.S. stocks.
OPEC+ members are set to increase oil output by a tiny 100,000 bbl/d from September—the equivalent of 86 seconds of global demand. The small increase has been seen as an insult to U.S. President Joe Biden, who recently went to Saudi Arabia to persuade the producing group to pump more oil to quell high energy prices.
“It was miniscule. They just don’t have the supply,” Sheffield said, pointing to OPEC heavyweights Saudi Arabia and United Arab Emirates.
Recommended Reading
Well Logging Could Get a Makeover
2024-02-27 - Aramco’s KASHF robot, expected to deploy in 2025, will be able to operate in both vertical and horizontal segments of wellbores.
Proven Volumes at Aramco’s Jafurah Field Jump on New Booking Approach
2024-02-27 - Aramco’s addition of 15 Tcf of gas and 2 Bbbl of condensate brings Jafurah’s proven reserves up to 229 Tcf of gas and 75 Bbbl of condensate.
NAPE: Chevron’s Chris Powers Talks Traditional Oil, Gas Role in CCUS
2024-02-12 - Policy, innovation and partnership are among the areas needed to help grow the emerging CCUS sector, a Chevron executive said.
E&P Highlights: March 11, 2024
2024-03-11 - Here’s a roundup of the latest E&P headlines, including a new bid round offshore Bangladesh and new contract awards.
Beach Town Corpus Christi Grows into America’s Top Energy Port
2024-01-16 - The Port of Corpus Christi is the U.S.’ largest energy export gateway and in terms of total revenue tonnage as increased midstream investments have opened export markets for the prolific Permian Basin.