Scott Sheffield is the chief executive officer of large shale firm Pioneer Natural Resources. He is forecasting crude between $80 – $100 for the balance of this year.

Citing:

  • Demand rising faster than supply
  • Supply factors:
    • Global oil inventories will fall through year-end
    • Saudi Arabia could extend its 1 million barrel-a-day cut
  • Demand:
  • Recent weak oil prices have hit drilling, completion of new oil wells as US shale producers curb spending

Had earlier forecast $90 – $100.

The $80 base is looking a wee but shaky already: