Oil prices will range between $80 and $100 a barrel this year and next as demand outpaces supply, Scott Sheffield, chief executive officer of top shale firm Pioneer Natural Resources , said on Wednesday, citing output cuts by Saudi Arabia and underinvestment by U.S. producers.
HOUSTON, Aug 2 - Oil prices will range between $80 and $100 a barrel this year and next as demand outpaces supply, Scott Sheffield, chief executive officer of top shale firm Pioneer Natural ResourcesHis outlookhe had forecast earlier this year. Oil prices rallied in July after Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil output cuts and as China has pledged measures to revive its economic growth.
Global oil inventories will fall through year-end, said Sheffield, who plans to step down in December. Saudi Arabia could extend its 1 million barrel-a-day cut and a soft landing for the U.S. economy could help fuel overall demand, he predicted. Weak oil prices in recent months have also hurt drilling and completion of new oil wells as U.S. shale producers curb spending. The global oil benchmark was trading at about $83 a barrel and U.S. crude about $79.36 a barrel on Wednesday.
Pioneer said it may end the year flat on average rig count, compared with a previous forecast to add 1-2 rigs a year. Shares were 2.3% higher at $229.74 on Wednesday afternoon, a day after Pioneer reported a better-than-expected
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
2024 Toyota Land Cruiser, 2024 Porsche 911 S/T: Car News HeadlinesThe return of the Land Cruiser, a special-edition 911, and a future Cadillac EV all made headlines today.
Leer más »
Trump PACs Burn Through $100 Million This YearAmong super PACs, Florida Gov. Ron DeSantis’s Never Back Down said it had nearly $97 million at the end of June, while Donald Trump’s Make America Great Again reported about $31 million
Leer más »
Donald Trump's $100 million PAC is down to just $3.6 million in cashHuge legal fees helped the Save America PAC burn through cash, raising questions about how Trump would fund a general election campaign.
Leer más »
Trump's $100 million PAC has burned through nearly all of its cashHuge legal fees helped the Save America PAC burn through cash, raising questions about how Trump would fund a general election campaign.
Leer más »