NEW YORK (Reuters) – U.S. oil production will likely see “very little growth” in the future after remaining largely flat in 2021 at around 11 million barrels a day, Scott Sheffield, Pioneer Natural Resources Co chief executive officer, said at a conference on Tuesday.
The coronavirus health crisis slashed global fuel demand and sent oil prices plummeting last year before economic stimulus measures and COVID-19 vaccine rollouts helped the industry regain footing in recent months.
Still, U.S. shale oil production is lower than pre-pandemic levels and Sheffield and other industry experts said during CERAWeek by IHS Markit that it was unlikely to recover to its peak more than 13 million barrels per day.
(Reporting by Laila Kearney; Editing by Marguerita Choy)
