U.S. oil output this year is likely to disappoint, with even lower growth possible next year, said Scott Sheffield, chief executive of leading shale producer Pioneer Natural Resources .
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus MordantFollow
Sheffield forecast U.S. oil production will rise around 500,000 barrels per day this year, and next year's gains could fall below that level. His estimate is well below theRegister now for FREE unlimited access to Reuters.com"There could be more downside," he said on Wednesday at Barclays CEO Energy-Power Conference in New York, pointing to supply chain issues, inflation and infrastructure constraints.
Sheffield said Pioneer plans to begin testing deeper sections of the Barnett shale in Texas, which could yield more gas. "With gas prices where they are, we're going to start testing that next year," he said. Sheffield held his forecast for 2023 oilfield inflation steady, at roughly 10%, but warned that diesel prices are a potential driver of higher inflation. Diesel stocks have fallen on strong demand and exports, and U.S. supplies stand near five-year lows ahead of winter, a time of strong demand for distillates.
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