Commodities and Futures News
Hess CEO says ‘OPEC back in driver’s seat’ as U.S. shale growth slows
2022.11.17 09:20
Hess CEO says ‘OPEC back in driver’s seat’ as U.S. shale growth slows
Budrigannews.com – The Organization of the Petroleum Exporting Countries (OPEC) is “back in the driver seat” as the top swing producer amid slowing U.S. shale growth, John Hess, CEO of Hess Corp (NYSE:) said on Thursday at an investor conference in Miami, Florida.
Hess anticipates U.S. oil production will hit around 13 million barrels per day in the next few years and then plateau. He said shale oil output is slowing due to investor pressure to focus on returns over growth, inflation and inventory depletion.
