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Year End Oil 100$/bbl on China Demand and Lack of Supply Growth: Pioneer

OIL

Crude prices will reach 90$/bbl over the summer and 100$/bbl by the end of the year due to rising oil demand from China and a lack of supply growth according to Pioneer CEO Scott Sheffield.

  • US supply growth will be 400kbpd this year, down from 650kbpd in 2022 due to “lower productivity” he said to Bloomberg yesterday. He expects the US to increase production slowly to reach pre-pandemic records in the second half of next year.
  • Chinese demand is expected to increase significantly and Saudi Arabia and the United Arab Emirates are the “only two countries in the world” with the capacity to ramp up production significantly he added. If the world reaches demand of 102mbpd of then “we do not have the supply”.
Energy BulletsCommodities
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