The Organization of the Petroleum Exporting Countries (OPEC) is 'back in the driver's seat' as the top swing producer amid slowing U.S. shale growth, Hess Corp Chief Executive Officer John Hess said on Thursday at an investor conference in Miami, Florida.
John Hess, CEO of the Hess Corporation, speaks during the IHS CERAWeek 2015 energy conference in Houston, Texas April 21, 2015. REUTERS/Daniel KramerNov 17 - The Organization of the Petroleum Exporting Countries is "back in the driver's seat" as the top swing producer amid slowing U.S. shale growth, Hess CorpHess anticipates U.S. oil production will hit around 13 million barrels per day in the next few years and then plateau. U.S.
"Shale was thought of as a swing producer, the Saudis and the OPEC have waited this out. Now, really OPEC is back in the driver's seat where they are the swing producer," Hess said, cautioning though that OPEC lacked spare capacity to easily boost its production. In the United States, where Hess operates in the massive Bakken shale of North Dakota, he warned that many companies only have about a decade of life remaining.
"We are in the resource business and if you are going to grow future cash flow, you have to grow your resource," he said.
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