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Capitol Crude: The US Oil Policy Podcast

Washington and West Texas on the minds of OPEC ministers in Vienna

June 25, 2018 (15:18 mins)



Meghan Gordon and Brian Scheid

A major US driller delivered a message to OPEC last week in Vienna, urging the oil ministers to increase production to prevent a price spike that would damage both groups and trigger yet another boom-and-bust cycle.

Scott Sheffield, chairman of Pioneer Natural Resources, said the conditions are set for prices to cross $100/b, and that would be terrible for OPEC and West Texas alike.

Sheffield spoke with Capitol Crude after addressing the OPEC International Seminar.

Decisions made in Washington and West Texas were a huge topic at the conference, especially sanctions against Iran and Venezuela, and US-China trade tensions.

Analyst Joe McMonigle and author Daniel Yergin also joined Capitol Crude on the sidelines of the Vienna event to put those issues into context.

Related story:US shale driller Pioneer asks OPEC to open taps to prevent $100/b oil price spike


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