Jun. 25 2018 — A major US driller delivered a message to OPEC last week in Vienna, urging the oil ministers to increase production to prevent a price spike that would damage both groups and trigger yet another boom-and-bust cycle.
Scott Sheffield, chairman of Pioneer Natural Resources, said the conditions are set for prices to cross $100/b, and that would be terrible for OPEC and West Texas alike.
Sheffield spoke with Capitol Crude after addressing the OPEC International Seminar.
Decisions made in Washington and West Texas were a huge topic at the conference, especially sanctions against Iran and Venezuela, and US-China trade tensions.
Analyst Joe McMonigle and author Daniel Yergin also joined Capitol Crude on the sidelines of the Vienna event to put those issues into context.