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k6 ex U.S. shale now not threatens OPEC, says Pioneer CEO - The Times Hub

U.S. shale now not threatens OPEC, says Pioneer CEO

U.S. shale now not threatens OPEC, says Pioneer CEO

By Kevin Crowley on 2/24/2021

Pioneer Pure Assets CEO Scott Sheffield

HOUSTON (Bloomberg) –Sturdy demand for crude oil and low progress charges from shale imply OPEC and its allies now not have to be frightened about competitors for market share from the U.S., based on Pioneer Pure Assets Co.

“I’m nonetheless a robust believer that demand goes to return again robust, each on airways and in addition driving world wide as soon as we get herd immunity,” CEO Scott Sheffield mentioned on a convention name Feb. 24. “I’m assured that we are able to assume the Iranian barrels into {the marketplace} over time after which U.S. shale is now not going to be a risk to OPEC and OPEC+.”

Covid-19 knocked about 2 million barrels a day from America’s general oil manufacturing as demand cratered, and people provides might not get well fully given the monetary stress the business has endured for the previous few years. Traders are demanding decrease output progress and additional cash returns, at the same time as oil costs rally.

Pioneer will restrict manufacturing progress to five% a 12 months over the long run and plans to pay again three-quarters of its free money circulate to shareholders moderately than spending on new drilling, Sheffield mentioned.Click on right here to subscribe to the World Oil vitality e-newsletter, and obtain unique business information and evaluation in your inbox every weekday.

 

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