OPEC should gradually boost output, says US shale producer

OPEC needs to boost daily output by 1 million barrels over time to keep global crude supply and demand in balance, Reuters reported, citing a US shale producer.

“OPEC needs to fulfil its duty. They need to put together some kind of deal to phase into the market," Scott Sheffield, executive chairman of Pioneer Natural Resource, told the news agency in Vienna.

"None of us want $80 (per barrel) to $100 oil, that’s too high. There’s a sweet spot between $60 and $80,” he added.

OPEC will meet on Friday in Vienna to decide on the future of its 1.8 million barrel per day production cut agreement with 10 non-OPEC partners, including Russia.