Risks for Oil Prices

The US oil industry is unlikely to break the record for oil production set in 2019, according to Scott Sheffield, CEO of Pioneer Natural Resources. Refining capacity and inventory constraints mean that growth in US production will not exceed pre-pandemic levels, even with companies outlining production increases in their spending plans this year. Sheffield anticipates that US production will return to 13 million barrels a day, matching the 2019 high, at a very slow pace, taking two and a half to three years to reach that level. This means that gas prices are likely to remain within the current range, with a risk of prices moving higher later in the year.

https://www.cnbc.com/amp/2023/03/09/us-wont-reach-new-record-oil-production-ever-again-pioneer-ceo.html

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