• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, June 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Global Players Predict Oil Prices Staying At $100/b

by Leadership News..
2 years ago
in Business
Oil prices
Share on WhatsAppShare on FacebookShare on XTelegram

Actions being taken by the Organization of Petroleum Exporting Countries, OPEC, is steadily predicted to keep oil prices rising over a period of time.

Advertisement

According to a top executive at the largest pure-play U.S. shale producer, Pioneer Natural Resources, oil prices are set to rise later this year and trade in the $70-$100 range over the next three to five years as supply growth remains limited and OPEC+ continues to restrict output.

Higher labor and material costs are slowing U.S. shale production growth, Pioneers’s Executive Vice President Beth McDonald told Reuters at RBN Energy’s crude export conference in Houston this week. In addition, shale investors want more returns and a limit on spending, McDonald added.

Higher costs are constraining production growth and eating into margins despite the fact that oil prices haven’t moved lower than $70 per barrel for an extended period of time over the past year and a half.

“That squeeze in the margin is really keeping U.S. E&Ps (exploration and production companies) from moving forward in a significant way” despite OPEC’s efforts to push up prices, McDonald told Reuters.

RELATED

Three Crown Expresses Commitment To Healthy Dairy Nutrition

Three Crown Expresses Commitment To Healthy Dairy Nutrition

41 minutes ago
Investors Reap N4.43trn Profit From Equities In 2 Months

Equities Transactions On NGX Drops By 56.4%

45 minutes ago

“In general, you’ll still see those modest (production) growth rates and those low reinvestment rates because we continue to focus on returning cash to shareholders,” the executive added.

The focus on returning cash to shareholders has combined with cost inflation and mixed messages from the Biden Administration to drag down U.S. oil production growth in recent months.

The Energy Information Administration (EIA) upgraded this week its outlook on U.S. crude oil production growth, expecting gains of 720,000 barrels per day (bpd) this year, up from a previously forecast growth rate of 640,000 bpd.

Shale executives, however, are not so optimistic, and some believe peak Permian oil production is five or six years away as drillers exhaust the prime acreage.

American oil executives already said in early March that OPEC is once again the most influential force in global oil supply – and will be so for the foreseeable future – now that U.S. shale production growth is slowing.

Pioneer’s chief executive Scott Sheffield told the Financial Times earlier this year, “I think the people that are in charge now are three countries — and they’ll be in charge the next 25 years.”

“Saudi first, UAE second, Kuwait third.”

Meanwhile, peak Permian oil production is just five or six years away, according to Sheffield, who attributed this forecast from March to expectations that drillers will have exhausted by then the prime drilling acreage in the top shale-producing basin.

Permian production could peak around 2030, Danny Wesson, Diamondback Energy’s executive vice president and chief operating officer, said at Hart Energy’s Super DUG event last month.

“By the end of the decade… plus or minus a couple of years, you might see the Permian peak and start plateauing,” Wesson said.

“The longer it takes us to get there, the longer it will plateau and run flat. But the faster we get there, it will decline faster,” Diamondback’s senor executive added.

“I think end of decade is a good time to think about [flat or declining production], but you can’t count the Permian out.”

The most recent Dallas Fed Energy Survey for Q1 showed at the end of March that oil and gas expansion in Texas, New Mexico, and Louisiana – home to the biggest shale plays, including the Permian – stalled amid surging costs and worsening outlooks.

In comments to the survey, one U.S. executive at an E&P firm noted, “The Energy Information Administration put out its Annual Energy Outlook this week, and it forecasts that oil production from the U.S. will be flat for the next 30 years. We should probably inform them of the collapse in shale production we are going to see in under five years.”

Another executive said, “The administration’s policies will continue to affect domestic natural gas and oil production negatively. Oil and gas prices will soar in the next few years, and we’ll be at the mercy of nations that hate us.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


Tags: Oil
SendShareTweetShare
Previous Post

How Employees Well-being Impact Organisations’ Success

Next Post

FBNQuest Encourages Investors To Build, Preserve Wealth

Leadership News..

Leadership News..

You May Like

Three Crown Expresses Commitment To Healthy Dairy Nutrition
Business

Three Crown Expresses Commitment To Healthy Dairy Nutrition

2025/06/07
Investors Reap N4.43trn Profit From Equities In 2 Months
Business

Equities Transactions On NGX Drops By 56.4%

2025/06/07
BetKing Promotes Social Impact At NSF
Business

BetKing Promotes Social Impact At NSF

2025/06/06
Sallah: UNYF felicitates with muslims, decries worsening living conditions
Business

Oxfam Urges Nigerians To Embrace Responsible Plastic Use

2025/06/06
Airtel Expands Digital Ecosystem With In-App Shopping Platform
Business

Airtel Expands Digital Ecosystem With In-App Shopping Platform

2025/06/06
NES Demands Stakeholder Collaboration To Curb Plastic Pollution
Business

NES Demands Stakeholder Collaboration To Curb Plastic Pollution

2025/06/06
Leadership Conference advertisement

LATEST

Three Crown Expresses Commitment To Healthy Dairy Nutrition

Equities Transactions On NGX Drops By 56.4%

Highlife Legend Mike Ejeagha, Voice Behind ‘Gwogwogwo,’ Dies At 95

Robust Capital Market Crucial For Nigeria’s Economic Prosperity – NGX Chairman

Your Defection To APC Has Ruined Your Reputation, PDP Professionals Tell Gov Eno

Catholic Bishops Ask FG To Stop Benue Killings

Governor Inuwa Yahaya, Emir Of Gombe, UN Envoy, Others Observe Eid Prayers In Gombe

CDS Felicitates With Front Line Troops, Hails Courage

Former Zambian President Lungu Dies At 68

Remi Tinubu Urges Compassion, Prayer for Nigeria

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.