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Shale CEO Warns of OPEC+ Price War if U.S. Oil Production Surges

  • EIA is forecasting an 1 million-barrel-a day-increase to 2022
  • U.S. shale executives have pledged discipline over growth
Bloomberg business news
Pioneer CEO Sees Oil Rising $5-$10 in Next Few Weeks

U.S. shale producers risk another oil-price war with OPEC and its allies if they resume the breakneck production growth of the last decade, according to Pioneer Natural Resources Co.

Shale, and not the pandemic, was responsible for the initial oil-market crash of 2020, Chief Executive Officer Scott Sheffield said at BloombergNEF’s annual summit. The cartel, frustrated at U.S. producers’ success in taking market share from OPEC, allowed prices to tumble, he said.