On Tuesday, Pioneer Natural Resources CEO Scott Sheffield said that the shale output from the Permian Basin is likely to slow significantly in the next several years.
Sheffield added that the Organization of Petroleum Exporting Countries (OPEC) does not have to worry much about the US shale growth in the long term.
“We are probably at the bottom end of the oil prices cycle,” he said.
Sheffield opined that even when US shale fields have supported the country’s domestic production to all-time highs, US producers are under pressure to cut spending and return profits to shareholders through dividends and share buybacks.
