Without new exploration, “you're going to see $120 to $150” oil, Lawler told Bloomberg TV on Monday. “You're going to see more pressure on price,” Lawlor told Bloomberg at the inaugural conference. “That's going to send a shock through the system.”
Oil could hit $150, sending ‘shock through system,’ says top shale CEO
That’s Doug Lawler, chief executive of Continental Resources, the shale-drilling giant controlled by billionaire Harold Hamm, telling Bloomberg News on Monday that crude prices are set to remain elevated and could press to the $120- to $150-a-barrel range without new production. More price pressure is coming, he said, unless policies are put in place to encourage more output.
- West Texas Intermediate crude CL00,
0.19% CL.1,0.19% , the U.S. benchmark, edged back below $90 a barrel on Monday but remains up more than 34% from its 52-week low of $66.74 hit on March 17. - Brent crude BRN00,
+0.13% , the global benchmark, has rallied 30% from a 52-week low of $71.84 a barrel set on June 12.
Lawler said he thought oil “absolutely” would hit the $100-a-barrel threshold and that he expects to see continued volatility in the $80- to $100-a-barrel price environment.
About the Author
___________________________________________________________________________
No comments:
Post a Comment