US Shale Executive Pushes OPEC To Gradually Boost Output

OPEC should boost daily output by roughly 1 million barrels over time to keep global crude supply and demand in balance as production dips elsewhere, a leading U.S. shale executive said on June 20.

U.S. shale producers and OPEC have started talking after years of acrimony, conscious that a balanced market is in their mutual interest.

With oil production dipping in Iran, Libya and Venezuela, and growth in the Permian shale Basin of West Texas and New Mexico crimped by pipeline capacity restraints, the 14-member group should step in, Scott Sheffield, executive chairman of Pioneer Natural Resource Co. (NYSE: PXD) told Reuters.