Shale Giants View a Crude Oil Ascent Above $100 as Bad for Industry
- Pioneer chief sees crude trading for $75 to $100 a barrel
- Diamondback says oil above $100 may spur production boost
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Major shale-oil drillers are dreading the prospect of $100-a-barrel crude on fears it will tempt less-disciplined rivals to expand output and create a new supply glut.
With an expectation that global crude demand may outpace production as soon as this year, Pioneer Natural Resources Co. Chief Executive Officer Scott Sheffield is bracing for oil to range from $75 to $100. U.S. crude has been above $75 for the past week and a half and briefly rose to almost $85 in late October.