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Shale Giant Praises ‘Brilliant’ OPEC for Rebalancing Oil Market

  • U.S. shale, oil cartel have been rivals for last decade
  • Future U.S. growth challenged by investor demands for cash
Crown Jewel Of The Shale Patch Braces For A Biden Ban
Photographer: Callaghan O'Hare/Bloomberg

Occidental Petroleum Corp. praised OPEC and its allies for managing crude markets out of last year’s historic crash and said the U.S. shale industry is thankful for its efforts.

“They’ve been brilliant in the way they’ve handled it, the way they’ve been doing it,” Chief Executive Officer Vicki Hollub said at a conference hosted by the Texas Independent Producers & Royalty Owners Association Tuesday. “Every U.S. oil and gas company are appreciating their efforts.”