June 8, 2023 – Reuters
Oil supply growth still limited as demand rises, US shale executive says
By Arathy Somasekhar
HOUSTON, June 8 (Reuters) - Global demand for crude oil is continuing to rise but supply growth remains limited, which will lead to higher prices later this year, said an executive at Pioneer Natural Resources (PXD.N), the third-largest producer in the top U.S. shale basin.
The U.S. oil industry's output has been capped by higher labor and materials costs that have squeezed profit margins and investor demands to limit spending, Pioneer Executive Vice President Beth McDonald said on Thursday in an interview at the RBN Energy crude export conference in Houston.