Head of a large US shale firm forecasts oil as high as US$100 this year | Forexlive

Scott Sheffield is the chief executive officer of large shale firm Pioneer Natural Resources. He is forecasting crude between $80 – $100 for the balance of this year.

Citing:

• Demand rising faster than supply
• Supply factors:
  • Global oil inventories will fall through year-end
  • Saudi Arabia could extend its 1 million barrel-a-day cut
• Demand:
  • A soft landing for the U.S. economy could help fuel overall demand
• Recent weak oil prices have hit drilling, completion of new oil wells as US shale producers curb spending

Had earlier forecast $90 – $100.

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The $80 base is looking a wee but shaky already:

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• Source: https://www.forexlive.com/news/head-of-a-large-us-shale-firm-forecasts-oil-as-high-as-us100-this-year-20230802/