Pioneer Natural Resources Company (PXD)

[eFinanceMarkets]

Crude oil prices will fall to $40/bbl if OPEC fails to extend its production agreement later this year, Pioneer Natural Resources (PXD -0.1%) chairman Scott Sheffield tells the CERAWeek energy conference. The Permian Basin would see a major curtailment of rigs at $40/bbl while other shale plays in the U.S. would become uneconomic, Sheffield says, but if all goes well, Permian production would surge to 8M-10M bbl/day over the next decade from 2.3M bbl/day now.