Oil ministers from OPEC and its allies have arrived in Vienna for what promises to be one of the cartel’s most contentious meetings in years as Iran opposes proposals to boost production.
If OPEC and its allies don’t increase production, oil prices could rise above $100 a barrel, said Pioneer Natural Resources Co. Chairman Scott Sheffield. It’s better for the producers to act so crude stays in a range of $60 to $80, he said.
“OPEC needs to come out with something — that they are going to phase in supply as they see supply from Iran, Venezuela and Libya come off the market,” Sheffield told reporters. Production from those three countries could fall by as much as 1.4 million barrels a day in the coming months, he said.
Sheffield had a warning for any proponents of higher oil prices. “One hundred dollars isn’t going to help OPEC, it’s not going to help us in West Texas. It will hurt demand, it will move investment to alternative energy around the world,” he said.
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