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$100 Oil Seen Years Away by Petronas as Shale Output Resilient

The rally in crude prices may not last as U.S. shale output remains robust, according to Malaysia’s state oil company.

“It will take many years until we see oil prices anywhere near the $100 mark,” Petroliam Nasional Bhd. President and Chief Executive Officer Wan Zulkiflee Wan Ariffin said at a conference in Kuala Lumpur on Monday. “We’ve underestimated the resilience of U.S. shale production. ‘We’re still grappling our way to climb out of this big drop.”