Pioneer CEO sees ‘very little growth’ in U.S. oil production

Pioneer CEO sees ‘very little growth’ in U.S. oil production

News: Pioneer CEO sees ‘very little growth’ in U.S. oil production.

NEW YORK (Reuters) – US oil production is likely to grow “very little” in the future, having remained largely unchanged at around 11 million barrels a day in 2021, Scott Sheffield, chairman of the board of directors of Pioneer Natural Resources Co, said on a Conference on Tuesday.

The coronavirus health crisis slowed global fuel demand and pushed oil prices soaring last year before stimulus measures and the introduction of COVID-19 vaccines helped the industry regain a foothold in recent months.

Still, U.S. shale oil production is lower than it was before the pandemic, and Sheffield and other industry experts said during IHS Markit’s CERAWeek that their high of more than 13 million barrels a day is unlikely to recover.

Reporting by Laila Kearney; Arrangement by Marguerita Choy

Original Source © Reuters

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