U.S. oil companies can’t hold oil price hike, chief executive says – California News Times

According to Shalech Pach, the largest operator in the United States, oil producers will not be able to increase their supply in order to curb the “opaque-controlled” high oil prices.

Brent crude has been hitting $ 80 a barrel in three years, raising concerns about Europe’s and Asia’s natural gas and coal prices, which hit record highs last week.

But Scott Field, chief executive of Texas-based natural resources, was not funded by the once-rich American leagues, but is growing rapidly. He said he would continue to use it to pay shareholders.

F field: “Everyone is fined $ 75, $ 80 or $ 100. All the shareholders I spoke to said that those companies would be penalized if one went back to growth.

“I don’t think the world can rely too much on the United States,” he said. It is actually controlled by OPEC.

This year’s Texas producers are the largest single oil producer in the Permanian Basin, producing approximately 360,000 barrels a day. This is higher than some of the smaller OPEC oil cartels. It limits production growth by 5% below last year’s double digits.

The main concern comes as the US government pushes Saudi Arabia’s OPEC chief to boost oil prices to further curb inflation.

The expanded OPEC + bloc, including partners such as Russia, will meet on Monday to meet its production goals.

Outbreaks appear to be exacerbated by energy shortages.

However, according to Goldman Sachs, the economy is recovering and the world’s oil reserves are declining rapidly. Last week, banks raised their Brent forecast for the end of the year from $ 80 to $ 90 per barrel.

Some analysts say the gas crisis in Europe and Asia could spill over into liquid fuels, adding that the industry is burning more oil to generate electricity this winter. Explained.

OPEC + has agreed to raise 400,000 BD per month by the end of July 2022, but some analysts say the supply needs to increase rapidly to stem further inflation. Explained.

According to the White House, US National Security Adviser Jack Sullivan held talks with Saudi Arabia’s Crown Prince Mohammed bin Salman last week on oil prices.

Sheffield is “trying to delay American drilling as much as possible,” the Binding administration called for OPEC to increase supply. They said.

“They prefer crude oil to OPEC,” he said.

Over the past decade, growth in shale production has made the United States the world’s largest producer of crude oil by the end of 2019, with an estimated 13 million barrels of crude oil per day.

But over the years, debt consolidation has taken its toll on many areas. A.D. The sector remained vulnerable by the 2020 outbreak. Discounts have forced manufacturers to reduce capital expenditures and idle goods.

Excavations begin to intensify, with some analysts predicting a slight increase in production, but production is about 15 percent below the pre-epidemic peak.

Field Field, on the other hand, said that the Permenian trade has not slowed down in response to the rise in prices.

“Only four or five companies have acres,” he said.

“There will probably be one million people in two years,” Ffield said.

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