Top Permian driller Pioneer rethinks slow growth plans with oil prices above $100/b

Will US oil drillers respond to triple-digit oil prices after months of restraint? Scott Sheffield, CEO of top Permian driller Pioneer Natural Resources, tells Capitol Crude that his commitment to slow growth could soon shift as a result of the Russia crisis. He said Pioneer could ramp up to 10% growth for a few years if there's a global effort to replace Russian exports. S&P Global Commodity Insights recently raised its outlook for US oil supply growth to just under 1 million barrels per day for 2022 to account for higher sustained prices. Sheffield also addresses potential demand risks from high oil prices, the Biden administration's approach to US oil supply, the future of the OPEC+ alliance, and how the Russia crisis is rewriting the energy transition timeline. Tell us more about your podcast preferences so we can keep improving our shows. Take our two-minute survey here: https://bit.ly/plattspod22