U.S. Shale Giant Says OPEC Controls Oil Prices

U.S. Shale Giant Says OPEC Controls Oil Prices

Unlike in previous years, the U.S. shale patch will not have a large say in where oil prices will be going in the coming months. Currently, control over the market’s marginal oil supply and oil prices is firmly in the hands of the OPEC+ alliance as U.S. shale producers continue to stick to discipline in spending.

That’s the belief not only of analysts and the largest oil trading houses in the world, but also of the largest U.S. shale operator itself—Pioneer Natural Resources.