CERAWEEK-As oil prices soar, US shale, Opec in no rush to resume price war

Scott Sheffield, CEO of Pioneer Natural Resources and the elder statesman of U.S. shale, this week said the Biden administration should reach out to OPEC leader Saudi Arabia to boost production instead of trying to reach agreements with Iran and Venezuela, oil producers that Washington has sanctioned.

U.S. shale producers and OPEC, who not long ago were waging a price war, this week found themselves on similar sides as oil prices have surged well above $100 a barrel: in no rush to rapidly boost production.

Less than a decade ago, OPEC was flooding the market with oil in a bid to drive out U.S. producers, who were enjoying surging production as improvements in hydraulic fracturing brought on the so-called "shale boom."