$100 Dollar Oil By Year End - Exclusive: Russia plans deep March oil export cuts, sources say

Pioneer CEO Sees $100 Oil By End Of Year

Brent crude oil will be around $100 per barrel by the end of the year, Pioneer CEO Scott Sheffield has predicted.

Oil has been rangebound over the last five or six months, Sheffield said, although Chinese demand is picking up
"significantly".

"I think that what we'll see…. Brent will break $90 this summer and climb back up to $100 sometime in the second half of the year." He expects WTI to be in the low $90s by the end of the year.

Despite the calls for $100 oil, Pioneer's CEO reiterated that capital discipline is still the name of the game, adding that its shareholders haven't changed their view on that. "We see no change at all," Pioneer CEO Scott Sheffield told Bloomberg today.

Exclusive: Russia plans deep March oil export cuts, sources say

Russia plans to cut oil exports from its western ports by up to 25% in March versus February, exceeding its announced production cuts in a bid to lift prices for its oil, three sources in the Russian oil market said.

Russia had already announced plans to cut its oil production by 500,000 barrels per day in March, amounting to 5% of its output or 0.5% of global production.

U.S. treasury officials have said the Russian decision to cut oil production reflects its inability to sell all its oil.

Washington has said it pushed for the introduction of price caps to limit revenues for President Vladimir Putin's war in Ukraine but have set them high enough to avoid a further spike in global oil prices.

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