Pioneer Natural posts second-quarter profit on oil price boost reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
OPEC and its allies no longer need to be worried about competition for market share from the US, according to Pioneer s CEO.
(Bloomberg) Strong demand for crude oil and low growth rates from shale mean OPEC and its allies no longer need to be worried about competition for market share from the U.S., according to Pioneer Natural Resources Co.
“I’m still a strong believer that demand is going to come back strong, both on airlines and also driving around the world once we get herd immunity,” Chief Executive Officer Scott Sheffield said on a conference call today. “I’m confident that we can assume the Iranian barrels into the marketplace over time and then U.S. shale is no longer going to be a threat to OPEC and OPEC+.”