Scott Sheffield, CEO of Pioneer Resources, speaks during CERAWeek in 2015
Letter from the US: OPEC+ and the trillion-dollar mistake?
The former CEO of Pioneer, Scott Sheffield, has opened a can of worms through his association with OPEC+ and its market management strategy
US oil companies, and potentially many oil-exporting countries, are in big trouble thanks to Scott Sheffield, the former CEO of US independent Pioneer Natural Resources. Beginning around 2017, Sheffield went from supporting open markets and aggressive exploration to pushing market management and allegedly working with oil-exporting nations and potentially US producers to limit output and support prices. The hundreds of emails and WhatsApp messages to and from Sheffield and others in the industry expose oil-exporting countries and some independent firms to potential criminal and/or private litigation for conspiracy. The damages awarded from such litigation could be astronomical. In late 2017,
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
