Scott Sheffield also says China’s growing energy infrastructure could surpass the U.S. if the country doesn’t invest more.
Pioneer Natural Resources CEO Scott Sheffield wants the Trump administration to intervene in the Russia-Saudi Arabia oil price war.The price of oil could rebound and reach $120 a barrel next year when China reopens its economy from coronavirus-related lockdowns, says the boss of Irving-based Pioneer Natural Resources Co., one of the biggest producers in the Permian Basin.
Crude prices have declined over the summer as Chinese lockdowns hurt consumption. Brent, the international benchmark, traded Friday at around $96 a barrel. “I still think they will probably get back to $120, sometime mid-next year, once China opens up,” Scott Sheffield said in a Bloomberg Television interview. He didn’t say if he was referring to Brent or West Texas Intermediate, the U.S. benchmark price.Sheffield also said China’s growing energy infrastructure could surpass the U.S. if the country doesn’t invest more in areas such as pipelines and liquefied natural gas terminals.
President Joe Biden has asked oil companies to produce more. But Sheffield said companies are running out of locations to drill, and it “takes two years to respond to drilling more.” To ramp up domestic production, Sheffield added, Biden needs to speak not just with companies like his, but also with shareholders and financial players who fund the industry.
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