April 10, 2019 / 8:20 PM / 4 months ago

Pioneer CEO Sheffield: U.S. crude output will hit 17 mln bpd in 5 years

April 10 (Reuters) - U.S. oil production will hit 17 million barrels per day (bpd) within five years, Pioneer Natural Resources Chief Executive Scott Sheffield said on Wednesday, though near-term growth may be constrained by lack of pipelines.

Sheffield said the Permian Basin, the largest U.S. oil field, will see its growth slow in 2019 because there are not enough pipelines that can take crude oil out of that basin to markets.

He said the Permian should see growth of about 1 million bpd in 2019, and growth in 2020 would depend on oil prices. Permian production hit 4.04 million bpd in January of this year, up from 2.86 million bpd in January 2018, according to U.S. Energy Department figures.

Overall U.S. production currently exceeds 12 million bpd, a record, making the United States the world's largest oil producer. (Reporting By Jessica Resnick Ault in New York; editing by Jonathan Oatis)

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