Oil Updates — Crude eases; ConocoPhillips CEO warns of supply shortages; Nigeria’s NNPC eyeing IPO

Oil Updates — Crude eases; ConocoPhillips CEO warns of supply shortages; Nigeria’s NNPC eyeing IPO

RIYADH: Oil prices edged down on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in US crude inventories as product demand weakens. Brent crude prices for September fell 37 cents, or 0.3 percent, to $106.98 a barrel by 0340 GMT, while US West Texas Intermediate crude for August slipped 69 cents, or 0.7 percent, to $103.53 per barrel. ConocoPhillips’ CEO on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow US output gains ahead. Ryan Lance, head of the largest US independent oil producer, offered a dour outlook on future supply in remarks to members of the oil group the Houston Producers Forum. His comments came days after US President Joe Biden returned from Saudi Arabia without success in securing an agreement for the OPEC+ group to boost production. “Ultimately, demand will go back to pre-pandemic levels,” Lance said while cautioning about OPEC’s lack of additional capacity and a US production plateau. “There is a supply crunch coming,” Lance said. State-run Nigerian National Petroleum Corp. will be ready to launch an initial public offering in the middle of