Head of a large US shale firm forecasts oil as high as US$100 this year

Scott Sheffield is the chief executive officer of large shale firm Pioneer Natural Resources. He is forecasting crude between $80 - $100 for the balance of this year.

Citing:

• Demand rising faster than supply
• Supply factors:
  • Global oil inventories will fall through year-end
  • Saudi Arabia could extend its 1 million barrel-a-day cut
• Demand:
  • A soft landing Soft landing A "soft landing" in the economy refers to a situation where economic growth slows down, but does not fall into a recession. This is often the desired outcome for policymakers, as it allows them to make adjustments to the economy without causing widespread job losses or other negative effects associated with recessions.An example of a soft landing in the economy occurred in the United States between the years of 2004 and 2006. During this time, the Federal Reserve raised interest rates to cool do A "soft landing" in the economy refers to a situation where economic growth slows down, but does not fall into a recession. This is often the desired outcome for policymakers, as it allows them to make adjustments to the economy without causing widespread job losses or other negative effects associated with recessions.An example of a soft landing in the economy occurred in the United States between the years of 2004 and 2006. During this time, the Federal Reserve raised interest rates to cool do Read this Term for the U.S. economy could help fuel overall demand
• Recent weak oil prices have hit drilling, completion of new oil wells as US shale producers curb spending

Had earlier forecast $90 - $100.

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The $80 base is looking a wee but shaky already: