US oil producers cannot increase supply to control rising crude prices that remain “under the control of OPEC,” according to the largest operator of the shale patch.
Brent crude jumped to a three-year price above $ 80 a barrel last week, sparking fears of a deepening global energy crisis that has already pushed up natural gas and coal prices in Europe and Asia at record levels.
But Scott Sheffield, chief executive of Texas-based Pioneer Natural Resources, said America’s shale producers, once prolific, would continue to use their growing amount of cash to pay shareholders, not finance new drilling. .
“Everyone will be disciplined, regardless of whether it is $ 75 Brent, $ 80 Brent or $ 100 Brent,” Sheffield said. “Every shareholder I’ve talked to said that if someone goes back to growth, they will punish those companies.”