“Certainly if prices fall even further than they are now, it’ll have some impact, and it may slow the growth rate of U.S. production,” Jason Bordoff, founding director of Columbia University’s Center on Global Energy Policy, said in the article. “I still think, unless they fall significantly further, U.S. production is going to see dramatic increases in growth.”
Consequently, it would appear that the shale producers are playing a game of chicken with the Organization of Petroleum Exporting Countries as U.S. oil companies wait to see if OPEC would cut its production first in an attempt to lift oil prices. [Oil ETFs Languish Under Extended Bearish Outlook]
“We’re in a battle with Saudi Arabia with regard to market share versus U.S. shale oil,” Scott Sheffield, Pioneer’s chairman and chief executive officer, said.
United States Oil Fund
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