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: