(MENAFN) According to Scott Sheffield, the chief executive of Pioneer Natural Resources which is the largest shale oil corporation in the US, if Russian oil and gas are prohibited international crude oil costs might skyrocket up to USD200 a barrel.
According to what a news agency had reported of Sheffield’s statement, he mentioned that, “the only way to stop Putin is to ban oil and gas exports,” further adding that, “[but] if the Western world announces that we’re going to ban Russian oil and gas, oil is going to go to USD200 a barrel, probably – USD150 to USD200 easy.”
Sheffield cautioned that the US is going to be incapable of duplicate Russian crude supply in 2022, emphasizing that the additional increase in production would take many months for America's shale oil patch.
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