Saudi’s Won’t Let Oil Stay At $75: Pioneer CEO ...Middle East

OPEC is likely to cut oil production again, Pioneer Natural Resources CEO said at a Goldman Sachs Conference in Miami on Thursday. “Saudi is not going to let Brent stay around $75 a barrel,” Scott Sheffield said, adding that it wouldn’t surprise him “if they had another cut.” Sheffield believes that oil futures will stay in backwardation going forward, because “there is no liquidity in the market”. No one is hedging, Sheffield said, so there’s nothing to bring up the forward prices. As for where Pioneer’s…

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