OPEC+ Supply Cut Seen Encouraging Oil Exploration, Shale Chief Says
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OPEC+’s decision to lower its oil-production cap may set the stage for higher prices that would enable US explorers to expand drilling, according to shale entrepreneur Matt Gallagher.
Gallagher, who has led closely held shale driller Greenlake Energy Ventures LLC since engineering last year’s $6.4 billion sale of Parsley Energy Inc. to Pioneer Natural Resources Co., said the OPEC+ move on Wednesday gives oil CEOs more clarity on what oil-price levels the alliance is determined to defend.